REIT forecasts ‘significant portfolio growth’ potential

Publicly-quoted property investment fund, Irish Residential Properties REIT (I-Res) has the capacity to take on up to €300m of bank debt to further grow its portfolio and sees “strong growth opportunities going forward”.

In a trading update, covering the year to date, the company — the first of the new wave of such funds to specifically target the residential market — said its recent capital raising efforts (it raised net proceeds of around €204m from a share offering in March) will allow for “significant portfolio growth” and better economies of scale.

“We continue to see excellent performance of the portfolio and see strong growth opportunities going forward,” said chief executive, David Ehrlich.