| 12.2°C Dublin

Property investor IPUT increases revolving credit facility by €50m


The Wilton Park development

The Wilton Park development

The Wilton Park development

IPUT, one of Ireland's largest institutional property investors, has increased its revolving credit facility (‘RCF’) by €50m to €300m.

The RCF, which is with Wells Fargo Bank, includes a €200m green component. This is the largest green credit facility in the Irish real estate market.

IPUT, the largest owner of offices in Dublin, also raised an additional €200m in the US private placement market earlier this year.

As a result of the two transactions the weighted average maturity of the company’s debt has increased to seven and a half years from three years, with a loan-to-value ratio of 7pc.

Last year IPUT became the first Irish property company to sign the UN Principles for Responsible Investment.

The €200m green component of the RCF will be used to finance projects which meet a defined set of sustainability criteria under IPUT’s ‘Green Finance Framework’.

The criteria include a minimum LEED Gold equivalent rating for environmental efficiency, a defined improvement in a building’s BER rating and, a range of other renewable and energy efficiency metrics, according to a statement from the company.

Niall Gaffney, CEO of IPUT Real Estate, said: “Our €200m green facility will contribute to the funding of the development at our Wilton Park estate.”

“As we begin the phased exit from Covid-19 restrictions, we are excited to be back on site at both our Tropical Fruit Warehouse and Wilton Park developments, adding what will be two landmark office schemes to Dublin’s CBD,” Mr Gaffney added.

IPUT's 600,000 sq. ft. Wilton Park development has been fully pre-let to LinkedIn.

Business Newsletter

Read the leading stories from the world of business.

This field is required

Most Watched