Barclays has funded Green REIT’s €58m purchase of One Albert Quay in Cork, Ireland.
Green REIT has used part of a €150m revolving credit facility provided late last year by Barclays to make the purchase announced today.
The facility can be increased to €290m at the company’s request and about €80m has already been drawn.
The loan was the second facility put in place by Green REIT, the first being the Central Park non-recourse facility with Bank of Ireland of which Green REIT’s share is €75m.
The firm’s gearing on property is 10.7% and the current annual interest rate on its bank debt is 2.9% with interest cover of 19 times and a weighted average maturity of 3.5 years.
The company said in its latest results to 31 December 2014 that its primary source of funding is the Barclays loan but other forms of debt may be considered in the future.
The grade A office block, One Albert Quay, is currently under construction and due to be completed in Q1 2016. The estimated rent is €4.1m.
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