Irish Residential Properties REIT

Capital/Financing Update • Sep 15, 2017

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author: "Sylvie Conde"
date: 2017-09-15 15:42:00+00:00
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15 September 2017

I●RES Announces Increased Credit Facility

Irish Residential Properties REIT plc (“I•RES” or the “Company”) announces today that it has increased its revolving and accordion credit facility from up to €250 million to up to €350 million of which Barclays Bank Ireland plc (“Barclays”) are lending €162.5 million, Ulster Bank Ireland DAC (“Ulster Bank”) €117.5 million and The Governor and Company of the Bank of Ireland (“Bank of Ireland”) €70 million (the “Increased Credit Facility”).

The Increased Credit Facility continues to have a five year term from 14 January 2016 and the margins remain the same and will be used to fund acquisitions, developments and for working capital purposes. The Increased Credit Facility is secured by a floating charge over the assets of the Company and its subsidiaries.

Barclays acted as Facility Co-ordinator whilst Barclays and Ulster Bank were Joint Arrangers.

As of 15 September 2017, I●RES has total interest rate swap agreements aggregating to €204.8 million, with a weighted average EURIBOR rate at c. minus 0.09% per annum, with maturity of January 2021. The total interest rate swap agreements effectively convert borrowings on a EURIBOR-based floating rate credit facility to a fixed rate facility for a four-year term. Arrangement fees were paid in connection with the additional €100 million commitment.

David Ehrlich, Chief Executive Officer of the Company, said:

“We are very pleased to be able to add Bank of Ireland to our syndicate of quality lenders and that Ulster Bank has increased its commitment.”

Henry Cleary, Head of Real Estate, Barclays, said:

“As Facility Co-ordinator and Agent, Barclays were delighted to work with I●RES to increase the size of their bank facility and thus support their continued growth and development.”

Stephen Masterson, head of Corporate Banking, Ulster Bank, said:

“Ulster Bank is delighted to increase our lending facility to I●RES from €87.5 million to €117.5 million. Ulster Bank and I●RES have worked closely together since 2016 and we look forward to supporting them further in the future.”

Paul McDonnell, Head of Property Finance Group at Bank of Ireland Corporate Banking, said:

“Bank of Ireland Corporate Banking would like to thank I●RES for the opportunity to join in their revolving credit facility. I●RES has shown strong commitment to the Irish property market and Bank of Ireland is happy to support the company through the next stage of their growth.”

For further information please contact:

For Investor Relations:

Irish Residential Properties REIT plc

David Ehrlich, CEO

+1 (416) 861-2467

For Media Requests:

Q4PR

Gerry O’Sullivan

• 353 87 2597644

About Irish Residential Properties REIT plc

Irish Residential Properties REIT plc is an Irish Real Estate Investment Trust (“REIT”) listed on the Irish Stock Exchange. The Company is the first REIT established in Ireland primarily focused on residential rental accommodations. The Company will continue to seek to acquire, hold, manage and develop investments primarily focused on residential rental accommodations in Ireland. I•RES currently owns 2,449 apartments. Further information in respect of I•RES can be obtained from I•RES’ website at www.iresreit.ie.

Note on forward-looking information

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. 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 except as required by law or by any appropriate regulatory authority.

This announcement has been issued through the Companies Announcement Service of

the Irish Stock Exchange.