Irish Residential Properties raises €200m

Irish Residential Properties REIT has raised around €200m (£175m) to partially repay its revolving credit facility. The REIT closed the issue of €130m notes, while a subsidiary company closed the issue of $75m (£57m) of notes on a private placement basis. The notes will have a weighted average fixed interest rate of 1.92%, and an average maturity of 9.7 years. The landlord highlighted the offer attracted particularly strong interest from international institutional investors, including US life insurance and US institutional investors that were not part of its existing investor base. Margaret Sweeney, chief executive of Ires, said: “The closing of this transaction is part of our proactive financing strategy to reduce the cost and significantly extend the maturity of our debt facilities as well as diversifying the range of debt providers to the company. “This also gives the company access to a broader range of funding options in the future to support the company’s growth strategy.” To send feedback, e-mail pui-guan.man@egi.co.uk or tweet @PuiGuanM or @estatesgazette