IREIT Global.
annual report 2014
For the reporting period from 1 November 2013 (date of constitution) to 31 December 2014
Notes to the
Financial Statements
10.
TRADE AND OTHER PAYABLES
Group
IREIT
31 December
2014
31 December
2014
EUR’000
EUR’000
(a) Trade payables
Outside parties
115
–
115
–
(b) Other payables
Accrued expense and other payables
3,832
737
Interest payable
581
–
4,413
737
Total
4,528
737
11.
BORROWINGS
Group
31 December
2014
EUR’000
Secured loans
96,594
Less: Unamortised transaction costs
(1,235)
Total
95,359
IREIT has in place a bank facility agreement with a bank in Germany for a 5-year term loan facility
(the “Facility”). The Facility has been fully drawn down as at 31 December 2014 as part payment
of the acquisition of the investment properties.
The Facility bears fixed interest rates throughout the tenure of the Facility with an average
effective interest rate of approximately 2.11% per annum including the amortisation of the debt
upfront transaction costs. The Facility is repayable on a bullet basis in 2019 and is secured on the
investment properties, the assignment of rental proceeds and a fixed charge over the rent and
deposit accounts of the investment properties.
The fair value of the bank borrowings as at 31 December 2014 is approximately EUR 98.40 million.
