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IRES REIT €130m loan

Irish Residential Properties (IRES) REIT has become the latest listed fund to secure a major property loan, a sign banks are piling back into the Irish real estate market.

In an announcement to the market IRES said it had secured a €130m loan from Barclays.

Last week the rival Hibernia REIT raised €100m from Bank of Ireland in its first major debt financing.

IRES raised €200m in equity in April when it was floated on the Irish Stock Exchange.

It is the first REIT here focused exclusively on buying residential properties.