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Ires Reit raises €200m to help repay credit facility

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Ires Reit chief executive Margaret Sweeney. Picture: Naoise Culhane

Ires Reit chief executive Margaret Sweeney. Picture: Naoise Culhane

Ires Reit chief executive Margaret Sweeney. Picture: Naoise Culhane

Ireland’s largest private landlord, Ires Reit, has raised €200m, which will be used in part to repay its revolving credit facility.

In a statement today it said it closed the issue of €130m notes, while its subsidiary closed the issue of $75m notes on a private placement basis.

The notes will have a weighted average fixed interest rate of 1.92pc and an average maturity of 9.7 years.

The first $50m of the notes, which are secured by the assets of the company, will be due in 2027.

About €90m and $25m of the debt will be due in 2030, while the final €40m of debt is due in 2032.

 Ires said the offer attracted “strong interest” from international institutional investors, including United States life insurance and US institutional investors that were not part of the company's existing investor base.

Margaret Sweeney, Ires chief executive, said: "We are very pleased to have completed successfully our first Notes Private Placement which was heavily oversubscribed and reflects the strong support of investors for the company.

The closing of this transaction is part of our proactive financing strategy to reduce the cost and significantly extend the maturity of our debt facilities as well as diversifying the range of debt providers to the company.”

This also gives the company access to a broader range of funding options in the future to support its future growth strategy, Ms Sweeney added.

NatWest Markets and HSBC Securities (USA) acted as joint placement agents on this transaction.

Online Editors