Property investment company Irish Residential Properties REIT plc (Ires Reit) has entered into a two year € 130 million credit facility arranged by Barclays Ireland, secured against the company's assets.

David Ehrlich, chief executive officer of Ires Reit, said that the credit facility will allow the reit to grow and achieve its investment goals.

The firm, which is a subsidiary of Toronto-based Canadian Apartment Properties Real Estate Investment Trust (CAP REIT), followed Hibernia REIT and Green REIT onto the Irish Stock Exchange in April, when it raised €200 million. Its focus is on buying and managing investments in the apartment blocks in urban areas across in Ireland.

In June the reit acquired a block of 84 luxury apartment suites adjacent to the five-star Marker Hotel in the Grand Canal Dock area of Dublin for € 50.1 million.