Ires Reit secures new €450m credit facility

State’s biggest private landlord agrees terms with five banks

Ires chief executive  Margaret Sweeney said the new arrangement would ensure the business has access to flexible and cost-effective financing.  Photograph: Cyril Byrne

Ires chief executive Margaret Sweeney said the new arrangement would ensure the business has access to flexible and cost-effective financing. Photograph: Cyril Byrne

 

Ires Reit, the State’s biggest private landlord, has entered into new revolving and accordion credit facility of up to €450 million with a syndicate of five banks, which can be extended to €600 million, the company said in a statement.

The new facility has a five-year term, and replaces an existing facility due to mature in 2021. It has been agreed with AIB, Bank of Ireland, Ulster Bank, Barclays and HSBC. Barclays acted as the arranger of the deal.

Ires chief executive Margaret Sweeney said the arrangement ensures that Ires has “flexible and cost effective financing to support the continued growth of the business including new investment opportunities as well as our development pipeline.”– Bloomberg