Irish Residential Properties REIT Completes Debt Refinancing

Irish Residential Properties REIT plc (I-RES) has announced the successful refinancing of its €500 million Revolving Credit Facility. This move aims to support the company's strategic objectives by providing medium-term capacity and flexibility. The new facility includes an increased Accordion Facility of €200 million, enhancing the company's financial flexibility.

The refinancing involves partnerships with Bank of Ireland Group, Barclays Bank Ireland, Allied Irish Banks, and introduces ABN AMRO Bank as a new lender. The facilities, set for a five-year term until March 2030, offer two optional one-year extensions. They are priced at Euribor plus a 2.05% margin, with €275 million in hedging facilities over five years.

This financial maneuver strengthens I-RES's market position, allowing participation in delivering new rental accommodations. CFO Brian Fagan highlighted the importance of this refinancing in supporting the company's strategic ambitions and ongoing operations.