REIT secures €150m to expand property portfolio
The Irish Residential Properties (I-RES) REIT has agreed a deal with the Canadian Apartment Properties Real Estate Investment Trust (CAPREIT) that will provide it with an additional €150m in acquisition funding which is to be used for expanding its portfolio of high-quality properties.
CAPREIT has also been selected as the preferred bidder to acquire the “Rockbrook” property portfolio for approximately €88.9m, which is the first proposed transaction to utilise the pipeline facility.
Since its establishment, IRES has deployed all of the €192m net proceeds from its IPO and utilised €125m of the €130m credit facility it agreed with Barclays.
