I-Res Reit to ‘consider options’ for funding ambitious pipeline

Company which controls 2% of State’s rental stock ‘very comfortable’ with its options

I-Res chairman Declan Moylan and chief executive Margaret Sweeney. Photograph Nick Bradshaw/The Irish Times

I-Res chairman Declan Moylan and chief executive Margaret Sweeney. Photograph Nick Bradshaw/The Irish Times

 

The State’s largest landlord will consider all its options in regard to funding for its ambitious pipeline although it is comfortable having extended its credit facility in April for €450 million.

At its annual general meeting on Tuesday, I-Res Reit, which controls 2 per cent of the State’s rental stock, said that it was “very comfortable” with its funding options which also included capacity to raise its credit facility to €600 million.

The group updated shareholders on its performance in the year to date which includes acquisitions in Swords, Baldoyle and Balbriggan in Dublin. Commenting on the property market, the company’s chairman, Declan Moylan, said that the “market is still very supply constrained”.

Asked about Minister for Housing Eoghan Murphy’s apparent preference for smaller units with shared facilities, Margaret Sweeney would not be drawn on whether these form part of I-Res’ longer term plans. However, she did say that the company’s current planning applications were submitted under existing regulations.

“If anything, our forward development apartment sizes are actually slightly larger,” she added, noting their agreement with Dalata Hotel Group to purchase 69 apartments for €42.4 million on the site of the former Tara Towers Hotel in Co Dublin once they’re completed.

All of the company’s resolutions were passed at the meeting.