Barclays lends Irish REIT €130m

Barclays Ireland has provided Irish Residential Properties REIT with a new €130m credit facility.

The two-year facility is secured against the company’s assets. The Dublin-listed REIT raised €200m in April to invest in mid-market and luxury residential property in the Emerald Isle.In June it bought Marker Residences, an 84-flat scheme in Grand Canal Dock in Dublin 2 for €50m from Brehon Capital Partners and Midwest Holdings.

Henry Cleary, head of structured property finance at Barclays Bank Ireland, said: “We have great confidence in their business plan and the prospects for recovery in the Irish residential sector. We look forward to a long term relationship with I RES REIT over many years.”

David Ehrlich, chief executive officer said: “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.”