REIT secures €150m to expand property portfolio

The Irish Residential Properties (I-RES) REIT has agreed a deal that will provide it with an additional €150m in acquisition funding which is to be used for expanding its portfolio of high-quality properties.

I-RES has entered into an agreement with the Canadian Apartment Properties Real Estate Investment Trust (CAPREIT) to make a “pipeline facility” available to the Irish REIT.

The “pipeline agreement”, which is subject to shareholder approval, comes with a one-year term and is to be used to acquire ‘high qualities properties in Ireland’, the company said in a statement to the Irish Stock Exchange.