REG-Irish Residential Properties REIT plc Completion of Debt Refinancing

Irish Residential Properties REITAnnouncement

18/03/2025 07:15

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Irish Residential Properties REIT plc (IRES)
Completion of Debt Refinancing

18-March-2025 / 07:00 GMT/BST

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18 March 2025

                                             

 

                          Irish Residential Properties REIT plc

                                             

   I-RES announces the successful refinancing of its €500m Revolving Credit Facility to
                     support the delivery of its strategic objectives

 

 

Irish Residential Properties REIT plc (“the  Company”, “the Group” or “I-RES”),  Ireland’s
largest  provider  of  private  rental  accommodation,  is  pleased  to  announce  it  has
successfully refinanced its existing Revolving  Credit Facility (“RCF”) to provide  medium
term capacity and flexibility to execute on its strategic objectives.

 

The new facilities comprise an RCF of €500 million and an increased Accordion Facility  of
€200 million  which  adds an  additional  element of  flexibility  to the  Company's  debt
facilities. The Group  is pleased to  continue its longstanding  partnership with Bank  of
Ireland Group  plc (who  have been  appointed  as Facility  Agent and  Security  Trustee),
Barclays Bank Ireland plc,  and Allied Irish  Banks plc, and looks  forward to building  a
strong relationship with ABN AMRO Bank N.V.,  a new lender entering the syndicate as  part
of the refinancing.

 

The facilities  have a  five-year term  expiring  in March  2030 with  the option  of  two
one-year extensions. The facilities are priced at Euribor plus a margin of 2.05%.  Hedging
facilities in  the  amount  of €275  million  have  been  put in  place  for  five  years,
maintaining our overall level of fixed rate  debt at 85%. Following this refinancing,  the
current weighted average cost of interest  across the Group’s facilities is  approximately
3.8%, broadly in line with the Group’s weighted average financing costs in 2024.

 

The delivery of new rental accommodation continues to be a key element of the solution  in
addressing the  supply-demand imbalance  at play  in  the Irish  housing market.  The  new
financing facilities will strengthen I-RES’ position in the market, delivering  additional
capital and significantly increased flexibility. This will enable the Group to play a part
in the delivery of new rental accommodation whilst continuing to execute on its  strategic
objectives over the  near-to medium-term along  with management of  its Private  Placement
Notes maturity dates. I-RES  has a highly  scalable platform and  with the new  facilities
strengthening the  capital base  the company  is  well positioned  to participate  in  the
delivery of new rental accommodation and execute on its strategic objectives.

 

Brian Fagan,  CFO  of  I-RES,  commented:  “We are  pleased  to  announce  the  successful
refinancing of our Revolving Credit Facility. 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.  We greatly appreciate  the continued support  from our existing  banking
partners and are delighted to welcome ABN AMRO into the lending syndicate. We look forward
to working with all our lenders to maximise the potential of this facility.”

END

For further information please contact:

Investor Relations:

Eddie Byrne, Chief Executive Officer              Tel: +353 (1) 5570974

email:  1 investors@iresreit.ie

Media enquiries:

Cathal                                                                              Barry,
Drury                                                                                     
Tel: +353 (0) 87 227 9281

Gavin                                                                          McLoughlin,
Drury                                                                                 Tel:
+353 (0) 86 035 3749

email: iresreit@drury.ie

 

About Irish Residential Properties REIT plc

Irish Residential  Properties  REIT  plc  (“I-RES”)  is  a  growth  oriented  Real  Estate
Investment Trust providing quality professionally managed homes in sustainable communities
in Ireland. I-RES aims to be the provider of choice for the Irish living sector, known for
excellent service and for operating responsibly, minimising its environmental impact,  and
maximising its contribution to the community. The Company's shares are listed on  Euronext
Dublin. Further information at  2 www.iresreit.ie.

 

This note applies if and to the  extent that there are forward-looking statements in  this
Announcement.

This Announcement may contain forward-looking statements,  which are subject to risks  and
uncertainties because they relate to expectations, beliefs, projections, future plans  and
strategies, anticipated events or trends, and similar expressions concerning matters  that
are not historical facts. Such forward-looking statements involve known and unknown risks,
uncertainties and  other factors,  which  may cause  the  actual results,  performance  or
achievements of  the Company  or  the industry  in which  it  operates, to  be  materially
different from any  future results, performance  or achievements expressed  or implied  by
such forward-looking  statements.  The  forward-looking statements  referred  to  in  this
paragraph speak only as at the date of this Announcement. Except as required by law or  by
any appropriate regulatory  authority, the Company  will not undertake  any obligation  to
release publicly any revision  or updates to these  forward-looking statements to  reflect
future events, circumstances, unanticipated events, new information or otherwise.

 

 

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Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.

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   ISIN:           IE00BJ34P519
   Category Code:  MSCM
   TIDM:           IRES
   LEI Code:       635400EOPACLULRENY18
   OAM Categories: 3.1. Additional regulated information required to be
                   disclosed under the laws of a Member State
   Sequence No.:   379318
   EQS News ID:    2101962


    
   End of Announcement EQS News Service

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References

   Visible links
   1. mailto:investors@iresreit.ie
   2. https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=69193c58673bda82b8867e09925c0315&application_id=2101962&site_id=reuters~~~6aa99418-46f7-48b9-89fd-959a8d2e4912&application_name=news


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