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Iput secures €150m credit facility

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Iput secures €150m credit facility

Iput secures €150m credit facility
April 15
10:22 2016

Iput has secured a €150m credit facility from Wells Fargo a US lender to help finance its various development projects and also to maintain its dividend policy for investors.

This emerges in its annual report, which has been released to coincide with its AGM in Dublin today.

Iput chairman Frank Close said in his annual statement, “This will assist in managing the dividend policy, which is to provide a consistently strong income yield for Iput’s shareholders while the redevelopment projects are in progress,”

The three-year facility was put in place in January with some €52.7 million already drawn down.

Iput has been highly acquisitive in recent years, spending €163 million on properties in 2015.

This included €80.5 million for a 70.8 per cent interest in the Riverside One building on Sir John Rogerson’s Quay in Dublin, and €21.3 million for a retail portfolio located on Grafton Street, Henry Street and O’Connell Street in the capital.

In January, it spent €42 million on the acquisition of a site in The Park, Carrickmines, Dublin 18.

Source: Irish Times

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