Irish Residential Properties REIT has refinanced its €500m (£420m) revolving credit facility.
The company, which invests in private rental accommodation, has struck a new deal for a €500m funding line and an increased €200m accordion facility – a mechanism under which the amount lent can be increased.
The five-year facilities have an option of two one-year extensions, and are priced at Euribor plus a margin of 2.05%.
Bank of Ireland Group has led the syndicate, joined by Barclays Bank Ireland, Allied Irish Banks and ABN Amro, the latter a new lender for the REIT.
Brian Fagan, the REIT’s chief executive, said: “The financing will enable the group to play a part in the delivery of much-needed new rental accommodation, support our ongoing operations and provide the flexibility necessary to deliver on our strategic ambitions in the years ahead.”
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