Business Irish

Wednesday 1 October 2014

Property firm iRes REIT secures €130m loan from Barclays

Published 18/08/2014 | 11:37

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Marker apartment block

Stock market listed property firm Irish Residential Properties (iRES) REIT has raised a €130m loan from Barclays.

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The new loan is secured against the company’s assets.

Canada backed iRes raised €200m when it was floated on the Dublin Stock Exchange in April.

Unlike the other “REITs” iRes was set up to invest in blocks of apartments – so far it has bought the luxury Marker Apartments in Grand Canal Square in Dublin, the Kings Court block in Smithfield  in Dublin city and blocks in Tallaght and at Sandyford on the outskirts of Dublin. 

"We are very proud that our lenders have shown confidence in I•RES REIT and extended a credit facility which allows the REIT to grow and achieve its investment goals," said David Ehrlich, chief executive of the company.

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