Irish Residential Properties REIT : Private Placement

3/11/2020	Market News
Company name	Irish Res Prop REIT
Headline	Private Placement

RNS Number : 6863F

Irish Residential Prop REIT PLC

11 March 2020

11 March 2020

I●RES REIT COMPLETES PRIVATE PLACEMENT OF c. €200 Million (Euro equivalent)

NOTES OFFERING

Irish Residenal Properes REIT plc ("I●RES" or the "Company") today announces that it has successfully closed the issue of Euro€130 million notes and IRES Residenal Properes Limited, its subsidiary, has closed the issue of USD$75 million notes on a private placement basis (collecovely, the "Notes"). The Notes will have a weighted average fixed interest rate of 1.92% inclusive of a USD Euro swap and an average maturity of 9.7 years.

The Notes have been placed in four tranches:

1. €90,000,000 in aggregate principal amount of its 1.83% Series A Senior Secured Notes due March 10, 2030;
2. €40,000,000 in aggregate principal amount of its 1.98% Series B Senior Secured Notes due March 10, 2032;
3. USD$50,000,000 in aggregate principal amount of its 3.44% Series A Senior Secured Notes due March 10, 2027; and
4. USD$25,000,000 in aggregate principal amount of its 3.63% Series B Senior Secured Notes due March 10, 2030

IRES Residenal Properes Limited has entered into USD Euro cross currency, interest rate swaps for the US tranches of the Notes.

The net proceeds from the Notes issue will be used to parally repay the drawn amount under the Company's Revolving Credit Facility. The Notes are secured by a floang charge over the assets of the Company and IRES Residenal Properes Limited and a fixed charge over the shares held by the Company in IRES Residenal Properes Limited, and rank pari passu with the lenders under the Revolving Credit Facility.

The offer aracted strong interest from internaonal instušonal investors, including US life insurance and US instušonal investors that were not part of the Company's exisng investor base.

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NatWest Markets plc and HSBC Securi es (USA) Inc. acted as joint placement agents on this transacon.

Margaret Sweeney, I●RES Chief Execuve Officer, commented:

"We are very pleased to have completed successfully our first Notes Private Placement which was heavily oversubscribed and reflects the strong support of investors for the Company. The closing of this transacvon is part of our proacve financing strategy to reduce the cost and significantly extend the maturity of our debt facili]es as well as diversifying the range of debt providers to the Company. This also gives the Company access to a broader range of funding opons in the future to support the Company's growth strategy."

For further informaon please contact:

For Investor Relaons:

Irish Residenal Properes REIT plc Margaret Sweeney, CEO

+ 353 (0) 1 557 0974

For Media Requests: Q4PR

Gerry O'Sullivan + 353 87 2597644

About Irish Residenal Properes REIT plc

Irish Residenal Properes REIT plc, is a leading Irish Real Estate Investment Trust ("REIT") listed on Euronext Dublin. The Company is the first REIT established in Ireland primarily focused on residenal rental accommodaons. The Company will connue to seek to acquire, hold, manage and develop investments primarily focused on residenal rental accommodaons in Ireland. The Company currently owns 3,692 residenal units with an addional 193 units due for delivery between now and 2021 under pre-purchase contracts. The Company also has planning approval to develop an addional 627 residenal units on its exisng sites. Further informaon in respect of the Company can be obtained from the Company's website at www.iresreit.ie.

Note on forward-looking informaon

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 uncertaines because they relate to expectaons, beliefs, projecons, future plans and strategies, ancipated events or trends, and similar expressions concerning maers that are not historical facts. Such forward-looking statements involve known and unknown risks, uncertaines 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

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obligaon to release publicly any revision or updates to these forward-looking statements to reflect future events, circumstances, unancipated events, new informaon or otherwise except as required by law or by any appropriate regulatory authority.

Disclaimer

The Notes have not been and will not be registered under the U.S. Securies Act of 1933, as amended (the "Act") and may not be offered or sold in the United States absent registraon or an applicable exempon from the registraon requirements of the Act. This noce is for informaon only, does not constute an offer to sell or the solicitaon of an offer to buy any security and shall not constute an offer, solicitaon or sale of any securies in any jurisdicon in which such offer, solicitaon or sale would be unlawful.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] visit www.rns.com.

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