Dublin-based landlord IPUT Real Estate has secured a new and upsized €300m (£270m) revolving credit facility with Wells Fargo Bank.
The RCF has a €200m green component, which will be used to finance projects that meet a defined set of sustainability criteria under IPUT’s Green Finance Framework, including a minimum LEED Gold equivalent rating for environmental efficiency, a defined improvement in a building’s BER rating, and a range of other renewable and energy efficiency metrics.
Chief executive Niall Gaffney said: “The long-term winners in real estate will be those who place sustainability and the occupier experience at the centre of their investment decisions – attributes we believe are now more important than ever before.
“Our €200m green facility will contribute to the funding of the development at our Wilton Park estate. This 600,000 sq ft development, which has been fully prelet to LinkedIn, will bring true placemaking to the city centre while providing the space for significant job creation, reinforcing Dublin’s position as a global digital hub.”
IPUT has also raised an additional €200m from 11 institutional investors through a US private placement offering. This debt raising consisted of two tranches: €75m at 1.10% repayable in 2030 and €125m at 1.25% repayable in 2032.
The two financing deals have increased the weighted average maturity of IPUT’s debt from three years to 7.5 years with an LTV of just 7%.
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