Dublin, 28 May 2020 | IPUT Real Estate (‘IPUT’), Ireland’s leading property company and the largest owner of offices and logistics assets in Dublin, announces a new and upsized €300 million revolving credit facility (‘RCF’) with Wells Fargo Bank N.A. In line with IPUT’s corporate values and commitment to responsible investment, the RCF includes a €200 million green component, representing the largest green facility in the Irish real estate market. IPUT also raised an additional €200 million in the US Private Placement market in early 2020. As a result of these transactions the weighted average maturity of IPUT’s debt has increased from 3 years to 7.5 years with an extremely low LTV of 7%.
€300 million Revolving Credit Facility
IPUT has upsized its existing RCF with Wells Fargo by €50 million to €300 million. IPUT was the first Irish property company to sign the UN Principles for Responsible Investment in 2019 and, within the scope of the upsized RCF, has put in place the largest green finance facility in the Irish real estate market. The €200 million green component will be used to finance projects which meet a defined set of sustainability criteria under IPUT’s Green Finance Framework. That framework is based on the ‘Green Loan Principles’ developed by the European Loan Market Association. The relevant criteria include a minimum LEED Gold equivalent rating for environmental efficiency, a defined improvement in a building’s BER rating and, a range of other renewable and energy efficiency metrics.
€200 million US Private Placement
During the first quarter, IPUT also raised €200 million from 11 institutional investors through a US private placement offering. This debt raising consisted of two tranches: €75 million at 1.10% repayable in 2030 and €125 million at 1.25% repayable in 2032.
Niall Gaffney, Chief Executive of IPUT Real Estate, said: “The long-term winners in real estate will be those who place sustainability and the occupier experience at the centre of their investment decisions - attributes we believe are now more important than ever before.”
“Our €200 million green facility will contribute to the funding of the development at our Wilton Park estate. This 600,000 sq. ft. development, which has been fully pre-let to LinkedIn, will bring true placemaking to the city centre while providing the space for significant job creation, reinforcing Dublin’s position as a global digital hub.”
“As we begin the phased exit from COVID-19 restrictions, we are excited to be back on site at both our Tropical Fruit Warehouse and Wilton Park developments, adding what will be two landmark office schemes to Dublin’s CBD.”
Pat McGinley, Chief Operating Officer of IPUT Real Estate, added: “The €200 million US private placement transaction represents a further diversification of our capital base and was secured at very attractive fixed interest rates from a number of large institutional investors.”
Max Sinclair, EVP and Head of UK Commercial Real Estate, Wells Fargo, commented: “IPUT is a leader in the Irish real estate market. Our relationship has gone from strength to strength over the last five years. These two transactions are an important step for IPUT and Wells Fargo is delighted to have been able to assist the company as it continues to develop its business”.
IPUT Real Estate, Ireland’s leading property company and the largest owner of offices and logistics assets in Dublin, announces the completion of an off-market transaction with Aviva which consolidates 100% ownership of two formerly jointly owned office and logistics assets.
Riverside One is a 110,000 sq ft, Grade A office building which is occupied by law firm McCann Fitzgerald on a long-term lease. IPUT has acquired the outstanding 30% interest in this building from Aviva having acquired a 70% interest during 2015.
Unit D Kilcarbery Distribution Park, Dublin 22 is a 110,200 sq ft logistics unit is occupied by BWG Foods on a long-term lease. IPUT has acquired the outstanding 50% interest in this building having acquired a 50% interest during 2014.
The acquisition of Riverside One and Unit D, Kilcarbery Distribution Park, is consistent with IPUT’s investment strategy to focus on prime office and logistics assets in Dublin; and to reduce the level of co-owned assets within the portfolio.
IPUT plc, Ireland’s leading property company and the largest owner of offices and logistics assets in Dublin, has received planning permission for the development of two logistics units within Aerodrome Business Park in South West Dublin. Full Planning Permission (‘FPP’) has been obtained for two large scale detached warehouse and office facilities of 120,000 sq. ft. (Unit G) and 160,000 sq. ft. (Unit Q), and the units – each on self-contained high profile sites – will be delivered to the highest sustainability credentials and international logistics standards.
This development follows on from IPUT making significant investments in logistics sector and its portfolio now extends over 2.4 million sq. ft. In 2019, IPUT acquired over 202,000 sq ft of logistics assets, received planning for the development of an additional 280,000 sq ft of high bay logistics space, and has the potential to develop a further 600,000 sq ft on its existing land bank in the future. In 2019, IPUT successfully let 185,000 sq. ft. modern logistics space at Unit 1 Dublin Airport Logistics Park to global logistics leader, GEODIS; and negotiated a 20-year lease with Dunnes Stores for the 325,000 sq. ft. logistics unit at Damastown Business Park, Mulhuddart, Co. Dublin, the largest Dublin logistics leasing deal since 2010. The Fund’s logistics portfolio of 32 buildings is currently at 100% occupancy.
About Aerodrome Business Park Unit G & Q Developments
IPUT intends commencing development of Unit G this year for delivery in 2021. It will extend to 120,000 sq. ft. and will be situated on a high-profile site of 5.72 acres at the Park entrance. It will have 14 metres (46 ft.) clear internal height, an FM1 class warehouse floor, 2 full height loading doors, 14 dock levellers (including 4 Euro dock levellers), 13 HGV spaces and yard depths ranging from 40 to 73 metres (131 to 240 ft.). Three storey CAT A offices and staff facilities will account for approximately 8% of the overall size and the offices will feature energy efficient, full height floor to ceiling glazing, raised access floors and high efficiency, best in class, heating, ventilation and air conditioning plant performance. 108 car parking spaces and 56 bicycle spaces will also be provided.
Unit Q will have identical features to Unit G, similar percentage office content but will have a larger site area of 7.8 acres, 2 full height loading doors, 18 dock levellers (including 4 Euro dock levellers), 22 HGV spaces and yard depths ranging from 50 to 56 metres (164 to 184 ft.). Given the fact that FPP is already in place for Unit Q, it is capable of being delivered in approximately 12 months.
As with all IPUT development projects, sustainability is at its core and IPUT will be the first in Ireland to target LEED Gold accreditation in the logistics sector. Features of each of the BER A1 rated buildings will include, electric car (EV) charging stations, advanced building envelopes to improve thermal performance, on-site renewable energy production using roof mounted photovoltaic solar panels together with daylight harvesting, advanced sub-metering infrastructure and energy usage monitors, rainwater harvesting systems, LED lighting with occupancy controls and dedicated space for storage, and collection of recyclables to reduce customers environmental impact.
About Aerodrome Business Park
Aerodrome Business Park is a strategically connected, prime, established development in South West Dublin, just 1 minute drive time from the N7 (Naas Road). The Park affords excellent access to the national roads network and the N7 links Dublin with Cork, Limerick and Waterford. In excess of 1.33 million people are within 30 minutes’ drive of Aerodrome Business Park.
Unit G and Unit Q Aerodrome Business Park are available for letting under new medium to long term leases and the quoting annual rent for each building is €9.75 per sq. ft. (exclusive).
HARVEY, Industrial Property Specialists have been appointed as the letting agent for the properties.
IPUT plc, Ireland’s leading property company and the largest owner of offices and logistics assets in Dublin, announces it has facilitated a lease assignment from global logistics leader GEODIS, to Dunnes Stores. As part of this transaction, IPUT has negotiated a 20 year lease with Dunnes Stores for the 325,000 sq. ft. logistics unit, which is in Damastown Business Park, Mulhuddart, Co. Dublin,
This lease follows on the successful letting of IPUT’s 185,000 sq. ft. modern logistics unit at Unit 1 Dublin Airport Logistics Park to GEODIS.
Michael Clarke, Head of Investment at IPUT plc, said:
“We are pleased to have been able to successfully facilitate the move of one of our existing occupiers and the expansion of another within our portfolio. These two transactions, which have provided GEODIS with a new state of the art logistics facility, while also satisfying the growth requirement of our valued occupier Dunnes Stores, are a result of the relationship we have with our occupiers and the diversity of our logistics portfolio.
As the largest owner of logistics assets in Dublin, and with a strong development pipeline, we are well positioned to meet the demands of our existing occupiers and attract further multinational companies over the coming years.”
IPUT Logistics Portfolio
IPUT owns a substantial logistics portfolio extending to over 2.4 million sq. ft., comprising 30 properties which are situated in strategic locations across Dublin. Existing occupiers include DB Schenker, DHL, Dunnes Stores, GEODIS, IKEA, Musgraves, BWG, Nightline Logistics, Sonas Bathrooms and Uniphar.
With the rapid spread of COVID-19, the first quarter of 2020 has been dominated by people across the world contending with disruptions to their personal and professional lives. In a very short time, the impact of COVID-19 on all economies and markets has been significant. It is unclear how long and how severe the impact will be, but IPUT remains focused on managing all the factors within our control to protect the health & wellbeing of our people and our occupiers, while ensuring we are making a positive contribution to our city.
We are acutely aware of the impact the current Government imposed restrictions are having on businesses generally and our occupiers specifically. We are working with affected occupiers on a case-by-case basis to help them navigate the challenges created by COVID-19 restrictions. Our multi-let buildings are open but fully compliant with Government public health measures and HSE guidelines. We are supporting our tenants to ensure essential work can be carried out safely. Our development sites at Wilton Park and the Tropical Fruit Warehouse are currently closed and secured; and, we are carefully planning with our various contractors to ensure we can re-commence those projects efficiently, and with minimal delays, once Government restrictions have lifted.
As a custodian of our city, we are committed to making a positive contribution to society by sustainably redeveloping our properties, actively managing our estate and working closely with our stakeholders. We are also committed to enriching our buildings and our city for the long-term with our investment in placemaking. While recognising the limitations on movement, our urban parks at Earlsfort Terrace and Wilton Park remain open and offer some respite to their local neighbours during these difficult times. We very much look forward to the lifting of restrictions when more of the city’s residents can enjoy these facilities; and we can continue to invest in them for the benefit of the surrounding communities.
As we all work through the COVID-19 crisis, we extend our gratitude to the IPUT team and our other stakeholders who continue to work hard every day in challenging circumstances. Everyone at IPUT also recognises the invaluable work of Ireland’s frontline staff to whom we are all deeply indebted and who are ensuring that essential services continue to function at a time when we need them most.
IPUT, Ireland’s leading property company and the largest owner of offices and logistics assets in Dublin, announces the letting of Unit 1 Dublin Airport Logistics Park, a 185,000 sq. ft. modern logistics unit, to GEODIS Ireland Ltd, a global logistics leader. The new 20-year lease will generate an initial rent of €1.6 million per annum.
IPUT acquired Unit 1 Dublin Airport Logistics Park with vacant possession for €19 million in Q1 2019. Following the acquisition, IPUT completed an extensive upgrade to the building to bring it in line with the highest international logistics standards. Practical completion of the refurbishment works was achieved in Q4 2019. Philip Harvey of HARVEY, Industrial Property Specialists represented IPUT in the above letting.
Michael Clarke, Head of Investment at IPUT plc said: “The successful refurbishment and letting of Unit 1 Dublin Airport Logistics Park further demonstrates our team’s ability to identify prime real estate opportunities where we can leverage our expertise and reinvest to secure enhanced returns for our shareholders. GEODIS Ireland Ltd’ decision to extend their relationship with IPUT reflects the strength of our logistics offering and we are delighted to retain an occupier of their calibre.”
IPUT has a number of pre-letting opportunities available for prime logistics space in the greater Dublin area.
IPUT Logistics Portfolio
IPUT owns a substantial logistics portfolio extending to over 2.4 million sq. ft., comprising 30 properties which are situated in strategic locations across Dublin. Existing occupiers include BWG, DB Schenker, DHL, Dunnes Stores, GEODIS Ireland Ltd, IKEA, Musgraves, Nightline Logistics, Sonas Bathrooms and Uniphar.
IPUT, Ireland’s leading property company and the largest owner of offices and logistics assets in Dublin, has pre-let the remaining 430,000 sq. ft. of office space at Wilton Park on a 25-year lease, with a term certain of 12 years, to LinkedIn, the world’s leading professional network. Construction at Two, Three & Four Wilton Park will commence in 2020 and is targeted for completion in 2023.
Niall Gaffney, IPUT plc Chief Executive, said: “We are proud to partner with LinkedIn, a global technology brand that shares our ambition to sustainably develop a new destination in Dublin’s central business district. This major development will be a key driver of long-term returns for our shareholders. We are committing €350 million to the development of the Wilton Park estate which, on completion, will have a value of over €750 million.
Centred around a one-acre restored park, this landmark development is an opportunity to set new standards for place-making in Dublin. Incorporating a new public square and a carefully landscaped streetscape, we will create a new sustainable environment for both work and leisure, incorporating curated food halls and a variety of dining spaces.”
Wilton Park is part of IPUT’s current office development pipeline of approximately 700,000 sq. ft., which also includes the Tropical Fruit Warehouse on Dublin’s South Docks.
The Wilton Park estate, in the Dublin 2 central business district, comprises the former Fitzwilton House, Wilton Park House, Gardner House, Lad Lane Apartments and their associated public spaces, including a one-acre park on the banks of the Grand Canal. Wilton Park will deliver a total of over 600,000 sq. ft. of office, retail & restaurants together with space for 500 bicycles and 122 cars. Construction has commenced on the first phase, One Wilton Park, a 150,000 sq. ft. building which was fully pre-let to LinkedIn in 2018.
LinkedIn has also now agreed to pre-let the additional three inter-connecting office buildings, Two, Three & Four Wilton Park, comprising 430,000 sq. ft. Development of these buildings will commence in 2020 and are targeted for completion in 2023.
Two, Three & Four Wilton Park have a combined total floor area of approximately 450,000 sq. ft over six floors plus ground and lower ground floors. At ground level, the development includes a café, restaurant and retail facilities centred around a new public square and adjacent to the one-acre park which is also owned by IPUT. The development has been designed to preserve the layout of the park including the existing central location of its fountain, its surrounding railings and tree planting.
The Wilton Park development has been designed to meet the highest sustainability, efficiency and digital connectivity standards including: LEED Platinum, WiredScore Platinum, WELL Gold and a BER A3 Energy rating. The new buildings will achieve energy consumption savings of 70% and water usage savings of 60% compared with those of the existing buildings. A minimum of 95% of construction and demolition waste will be diverted from landfill.
The office buildings will be accessed through open, collaborative reception areas, with the interior comprising of full floor-to-ceiling glazing and column-free floor plates will provide uninterrupted views of the park, canal and beyond.
Elevations along Lad Lane have been crafted to respect the mews buildings along the lane. Varying set-back distances have been included with extensive paving and landscaping including screening provided by the planting of semi-mature trees. Activation at pedestrian level will be achieved with provision for a new café at the corner of Lad Lane and Cumberland Road and a new covered street linking Lad Lane with the new public square, the park and on to the Grand Canal promenade.
The Wilton Park project team comprises: IPUT, Henry J. Lyons Architects, Townshend Landscape Architects, ARUP, KSN, Sheehan Planning, MJP and CityDesigner.
Investment consolidates IPUT’s position as Dublin’s largest office owner
IPUT, Ireland’s leading property company and the largest owner of offices in Dublin, has completed the acquisition of 3 Dublin Landings on Dublin’s North Quays from Ballymore/ Oxley for €115m million in an off-market transaction. Following the transaction, IPUT’s Dublin office portfolio will be 2.1 million sq ft (195,000 sqm) with an additional 240,000 sq ft (22,300 sq m) currently under construction, including the Wilton Park and Tropical Fruit Warehouse city centre developments.
Upon completion, which is expected in the coming weeks, this Grade A office building will provide 120,000 sq ft (11,150 sq m) of space set over five storeys, lower ground floor and basement, including 33 car parking spaces and 154 bicycles spaces.
3 Dublin Landings will be finished to LEED Platinum standard and represents the last office building to be completed in the 1 million sq ft (92,900 sq m) Dublin Landings scheme. The mixed-use scheme is anchored by the National Treasury Management Agency of Ireland (NTMA) and other Government agencies and comprises 750,000 sq ft (70,000 sq m) of office space, over 270 high-end residential apartments, ancillary retail and leisure offerings and a boutique hotel. The Luas red line runs adjacent to the northern boundary of the building, while the IFSC, the Convention Centre and landmark Samuel Beckett Bridge, leading to Dublin’s South Docks, all within a 10-minute walk.
Niall Gaffney, IPUT CEO, commented: “In line with our ambition to own the best office buildings in Dublin, 3 Dublin Landings is an excellent addition to our estate and supports the ongoing modernisation of our extensive office portfolio. Occupier appetite, particularly for Grade A offices, remains buoyant in Dublin and we are confident that we will be able to leverage our tenant relationships to maximise its leasing potential, while also delivering enhanced returns for our shareholders.”
IPUT is pleased to announce that it has been granted planning permission to extend and develop its major out of town scheme at Carrickmines Park to include an additional 650,000 sq. ft (60,378 sq.m.) of mixed-use space; comprising retail warehousing; neighbourhood retail; food & beverage outlets; leisure & entertainment space; which will including a 7-screen cinema with additional offices and multi-family offerings, all centred around a new landscaped urban park with direct pedestrian access to the Luas.
The planning permission will allow us the opportunity to create a neighbourhood shopping and leisure experience across all 3 phases of Carrickmines and is a major step forward in realising our ambition to reinforce Carrickmines Park as the leading out of town retail destination in Dublin.
IPUT the largest owner of offices in Dublin, has been granted permission by An Bord Pleanála for a 450,000 sq ft office development at Two, Three and Four Wilton Park, Dublin 2. One Wilton Park, which comprises 150,000 sq ft is already under construction and this decision clears the way for IPUT to complete the full re-development of its estate at Wilton Park.
IPUT plc, Chief Executive Officer, Niall Gaffney, said: “IPUT strategically assembled the Wilton Park estate over the past decade with a vision to create an entirely new city quarter centred around its park. The first phase, One Wilton Park, is already under construction and we will now look to commence the development of Two, Three & Four Wilton Park in 2020.
Wilton Park and its public spaces will be carefully designed and landscaped to realise true ‘place-making’ in this part of Dublin city. The entire Wilton Park scheme will deliver over 600,000 sq ft of office and new retail/restaurant spaces which will be completed to the highest global standard in design and sustainability.”
The Wilton Park estate comprises the former Fitzwilton House, Wilton Park House, Gardner House and their associated public spaces – principally a one-acre park. Wilton Park will deliver a total of 600,000 sq ft of office & new retail/restaurant space - creating a new city quarter which could cater for up to 6,000 workers and reinforce Dublin as a key location for foreign direct investment.
Construction has commenced on the 150,000 sq ft development at One Wilton Park, which has been fully pre-let to LinkedIn and is scheduled for completion in late 2020. Development of the remaining three inter-connecting office buildings, Two Three & Four Wilton Park, comprising 450,000 sq ft, is scheduled to begin in 2020 and targeted for completion in 2023.
Two, Three & Four Wilton Park have a combined total floor area of c. 450,000 sq ft over six floors plus ground and lower ground floors. At ground level, the development will include café, restaurant and retail facilities centred around a new public square.
The Wilton Park development has been designed to meet the highest sustainability, efficiency and digital connectivity standards including LEED Platinum, WiredScore Platinum, WELL Gold and a BER A3 Energy rating.
80,000 sq.ft. landmark office development featuring historic warehouse buildings
IPUT plc (“IPUT”) is pleased to launch the Tropical Fruit Warehouse, an 80,000 sq.ft. landmark office development on Sir John Rogerson’s Quay, Dublin 2 over-looking the Samuel Beckett bridgeand River Liffey.
30-32 Sir John Rogerson’s Quay is the last remaining original warehouse on the quays and, from 1892, were used for the importation of tropical fruit into Ireland. The buildings are being redeveloped by IPUT as the Tropical Fruit Warehouse in recognition of this unique history.The transformative scheme, which has been designed by Henry J Lyons Architects in partnership with renowned façade specialists, Octatube, will deliver over 80,000 sq. ft. of unique river front offices centred around a restored warehouse to include a new six storey office block at the rear overlooking a public square. The design incorporates two floating, fully glazed office floors which cantilever over the warehouse building providingunparalleled panoramic views over the River Liffey.
In keeping with IPUT’s long term approach to investing, the building has been designed to meet the highest sustainability credentials and will also incorporate a significant investment in the public realm - creating a vibrant pedestrian connection from the River Liffey to Whitaker Square at the rear.
Construction has commenced and is scheduled for completion in Spring 2021.
IPUT Chief Executive, Niall Gaffney, said: “The redevelopment of The Tropical Fruit Warehouse is a great opportunity for IPUT to create a landmark office property that is crafted to optimise flexibility and deliver light filled space with panoramic views over the River Liffey and Dublin’s skyline.
We are long term investors and as such we have deliberately pushed the boundaries to develop a building that meets the highest global standards in design and sustainability.”
Joint letting agents for the Tropical Fruit Warehouse are Savills and Cushman & Wakefield.
IPUT plc has completed two new lease agreements on 4,041 sq.m. (43,500 sq.ft.) of office space at 2 & 3 Harcourt Centre, Dublin 2.
Acquired by IPUT in 2013, The Harcourt Centre comprises 6,782 sq.m. (73,000 sq.ft.) of prime office space. Global Consulting Group Mazars has agreed a new lease on 2,880 sq.m. (31,000 sq.ft.) of office space at 3 Harcourt Centre which will see the company remain in occupation of the building into the medium term.
Leading international law firm Eversheds Sutherland will also continue their expansion within the IPUT portfolio, taking 2 additional floors at 2 Harcourt Centre while extending all existing leases and will now occupy 1,161 sq.m. (12,500 sq.ft.) in the building.
Niall Ringrose, Head of Property Management at IPUT plc said:
‘This is a very positive outcome for IPUT. By engaging proactively with our existing occupiers, we can work together to meet future requirements. We are delighted to be in a position to accommodate the continued growth of both Mazars and Eversheds Sutherland within our portfolio.’
Mazars is a global audit, accounting and consulting group employing more than 23,000 professionals in 89 countries. Eversheds Sutherland is a global Top 15 law firm employing over 5,000 people in 67 offices worldwide.
HWBC acted for Mazars while Knight Frank advised Eversheds Sutherland. Other occupiers within the buildings include WBT holdings, Apex Fund Services, Edelman, Iterum Therapeutics and Transitions Optical.
IPUT plc announces that it has completed the acquisition of a large scale, modern logistics building beside Dublin Airport for €19 million.
Unit 1 occupies a high-profile position at the entrance to Dublin Airport Logistics Park and extends to 17,176 sq.m. (184,886 sq.ft.) on a standalone site of 8.4 acres. The building has been acquired with vacant possession following an off-market sales process. IPUT will immediately undertake a substantial programme of works to upgrade the building to meet the highest international logistics standards prior to re-letting. Dublin Airport Logistics Park is strategically situated close to the M1, M2 and M50 motorway network and is located 5 minutes from Dublin Airport. The building benefits from a clear internal height of 9.5 metres with extensive loading access provided via 15 dock levellers and 5 grade level loading doors.
Michael Clarke, Head of Investment at IPUT plc said:
“We continue to strategically increase our exposure to the logistics sector and now own and manage over 2.4 million sq.ft. of high quality logistics space in Dublin. This acquisition reflects our strategy of acquiring large scale logistics buildings in strategic locations which can be repositioned to provide enhanced income returns for shareholders.”
This purchase follows the successful acquisition and refurbishment of two, large scale logistics buildings at North West Business Park, Dublin extending to over 240,000 sq.ft which were both pre-let on long term leases.
Philip Harvey of William Harvey Ltd advised IPUT plc in relation to this acquisition and has been appointed as sole letting agent. Rod Nowlan of Bannon represented the vendors.
IPUT plc together with its partner Cashel Fund Plc announces they have leased 40,000 sq. ft. of office space over five floors at 5 & 6 Earlsfort Terrace, Dublin 2. BioMarin Pharmaceuticals, the NASDAQ listed US biotechnology company, will occupy 26,000 sq. ft. over the 4th, 5th and 6th floors. Harmonic Fund Services and W&W Advisory have leased the 3rd floor (8,600 sq. ft.) and 7th floor (5,100 sq. ft.) respectively. These long-term lease agreements will generate an annual income of €2.42 million for the Fund.
5 & 6 Earlsfort Terrace
As part of ongoing portfolio regeneration, IPUT plc initiated an extensive redevelopment of 5 & 6 Earlsfort Terrace to include the addition of two floors increasing the total office space to 7,400 sq.m. (80,000 sq.ft.). The redeveloped building has now been certified to LEED Platinum and WiredScore Platinum, the highest environmental and
connectivity standards available.
The scheme overlooks a new urban park, designed by award winning landscape architect Robert Townshend, which is being delivered as part of the redevelopment of 5 & 6 Earlsfort Terrace and will be open to the public from March 2019.
IPUT Head of Development, Derek Noble, said:
“IPUT’s investment in 5 & 6 Earlsfort Terrace reflects our strategy of setting the highest standards for office buildings in Dublin’s CBD with an emphasis on sustainability and improving the public realm. The quality of this development is reflected by a strong level of leasing activity across the scheme”.
CBRE and Savills are the joint letting agents for the scheme. Colliers International acted for BioMarin while CBRE advised Harmonic Fund Services.
IPUT plc is pleased to announce that its newly developed offices at 47-49 St. Stephen’s Green is WELL Certified Gold. In achieving this certification IPUT becomes the first WELL certified office in Dublin and only the second in Ireland.
The WELL Building Standard is delivered by The International WELL Building Institute™ (IWBI™) and is the leading standard for benchmarking buildings and interior spaces on their commitment to human health and wellness. The WELL standard is based around seven categories of building performance including: air, water, nourishment, light, fitness, comfort and mind.
“We congratulate IPUT for achieving WELL Certified™Gold for their office at St. Stephen’s Green in Dublin,” said IWBI Chairman and CEO Rick Fedrizzi. “IPUT’s market-leading efforts to advance health and well-being through their own office demonstrates to their employees and the Irish industry at large that people are the priority.”
The office space has been designed with collaboration and comfort in mind. Flexible working spaces have been designed to encourage interaction across various project teams with sit-stand desks, stand up meeting spaces, interactive touch screens and access to roof gardens while new meetings rooms, casual meeting spaces allow the team to have
an array of facilities when working. Each area includes a considered acoustic design to reduce distractions and create a comfortable working environment.
To ensure optimum working conditions the air quality is continuously monitored via an indoor air sensor which also allows staff to view readings on Co2, humidity, temperature and VOC’s in real-time. In conjunction with this a lighting system designed in line with the body’s circadian rhythm improves the mental and physical health of occupants by reducing light related fatigue.
“By focusing on the health and wellbeing of people we can create spaces that are more comfortable and productive to work in. Achieving WELL Certified Gold for our new offices reflects the ambition of the business to deliver the highest quality design in our buildings.”
Niall Gaffney, Chief Executive, IPUT
The International WELL Building Institute™ (IWBI™) is leading the global movement to transform our buildings and communities in ways that help people thrive. IWBI delivers the cutting-edge WELL Building Standard™, the leading global rating system and the first to be focused exclusively on the ways that buildings, and everything in them, can
improve our comfort, drive better choices, and generally enhance, not compromise, our health and wellness.
106,000 sq. ft. of Grade A office space is now fully let.
IPUT plc in partnership with Cosgrave Property Group, announces that the leasing of The Exchange has been successfully completed, with Mediolanum Bank, PartnerRe and
Coinbase taking the remaining three floors comprising 60,000 sq.ft. The three new occupiers join existing leading occupiers, Walkers Global, The Food Safety Authority of Ireland and Ronan Daly Jermyn with all tenants taking long term lease agreements.
The Exchange is a five-storey office development comprising 106,000 sq. ft. of Grade A office space which is certified to a LEED Gold environmental standard.
The successful completion of the leasing programme for the building will deliver an income return in excess of 6% for IPUT and has created significant value for the Fund’s shareholders.
IPUT Head of Investment, Michael Clarke, said:
“From the outset, the IPUT team worked successfully with Cosgrave Property Group in the development and leasing of this scheme which has delivered another international quality office asset to the IPUT portfolio. The successful development and letting of The Exchange reflects IPUT’s strategy to regenerate our portfolio and deliver
enhanced income and capital returns for our investors.”
JLL and Savills advised IPUT and Cosgrave Property Group on all lettings.
IPUT plc announces it has pre-let the entire of One Wilton Park to
LinkedIn, the world’s leading professional network and a subsidiary of
the Microsoft Corporation. One Wilton Park will be a Grade A office
development of 150,000 sq. ft. (13,000 sq m) constructed on the site of
the former Fitzwilton House which IPUT has owned since 1982.
Construction commenced on site in June 2018 with Sisk appointed as the
main contractor. The building is scheduled to be completed in the fourth
quarter of 2020.
Later this year, IPUT intends submitting a planning application for
the re-development of the remainder of its estate at Wilton Park which
includes Wilton Park House and Gardner House, plus their associated
public spaces. IPUT has already concluded an initial programme of
improvements to the park itself which also comes within its ownership.
Upon completion, IPUT’s estate in the area will total to 600,000 sq ft
of office space and a range of local amenities.
Commenting, IPUT Chief Executive Officer, Niall Gaffney, said:
“The pre-letting of One Wilton Park to LinkedIn is hugely
significant for us and represents one of the largest pre-lets in the
Dublin office market. One Wilton Park will deliver a projected income
yield on cost of in excess of 9% and brings the total value of new
leases signed over the last 12 months to over €20.5 million. This
pre-letting is an important milestone in the delivery of the plans we
have for Wilton Park and will support continued growth in the dividend
we pay to our shareholders.”
IPUT has pre-let Unit 103 Northwest Business Park, Dublin 15
comprising 12,494 sq m (135,000 sq ft) of high quality distribution
space to Sonas Bathrooms. Sonas Bathrooms have signed a long-term lease
on the building and will take occupation later this month following the
completion of a substantial refurbishment of the building by IPUT.
Unit 103 Northwest Business Park, was acquired with vacant
possession by IPUT in January 2018 for € 12.15m and a programme of works
commenced in February. The 135,000 sq ft modern facility is situated on
a secure 6.45 acre self-contained site and is strategically located
close to Dublin Airport with excellent links to the motorway network
including the M2, M3 and M50 motorway. The building has been modernised
to the highest standards and provides a clear internal height of 12m, 21
dock levellers, 3 level access doors and generous yard depths of up to
60m which are particularly attractive to logistics operators.
Michael Clarke, Head of Investment at IPUT plc said: “This
acquisition and subsequent pre-letting demonstrates the ability of our
team to identify assets which have the potential to generate enhanced
returns for our investors. We have successfully repositioned the asset
which is secured under a long-term lease delivering an attractive income
return on cost of 7.3% and generating a profit on cost in excess of
Philip Harvey of William Harvey & Company and Gavin Butler of
Savills advised IPUT plc on this transaction. JP McDonagh of Knight
Frank acted on behalf of the tenant.
IPUT’s performance in the 2018 GRESB Real Estate Assessment underlines our continuing leadership in Sustainability and responsible Property Management in Ireland.
IPUT has realised its ambition of attaining a 3-star Green Star rating in the 2018 GRESB Real Estate Assessment, in only our 3rd year of participation. Our 2018 score of 67 is a marked improvement on 2017 and was one of the key objectives stated in our 2017 Sustainability Report which is available here.
GRESB (Global Real Estate Sustainability Benchmark) is the global standard for ESG benchmarking and reporting for the real estate sector, which this year included a record 903 property companies, REITs, funds, and developers, jointly representing more than $3.6 trillion in assets under management.
The GRESB assessment evaluates a fund’s performance against seven sustainability factors including the measuring and disclosure of information on performance indicators (such as energy, GHG emissions, water and waste) at an asset level, management policies and practices at a corporate level together with occupier, supplier and investor
IPUT Chief Executive, Niall Gaffney, commented; “We were the first Irish real estate fund to participate in GRESB and the achievement of a 3-star Green Star Rating was a stated target for 2018. IPUT is leading the way in sustainable real estate investing in Ireland and our 2018 GRESB score of 67 positions us alongside our peer group at a global
level in terms of ESG performance.”
IPUT has completed a €160 million property transaction involving the exchange of several high profile office buildings in Dublin City Centre.
As part of the deal, IPUT has acquired Deloitte House, 29 Earlsfort Terrace, Dublin 2. In return the Fund has disposed of assets at 6 Georges Dock, IFSC, Dublin 1 and 40 Molesworth Street, Dublin 2.
Deloitte House is a landmark office building situated on the corner of Earlsfort Terrace and Hatch Street and is occupied by Deloitte on a long-term lease. It combines a strong income profile with redevelopment potential and is situated in Dublin’s central business district where the Fund continues to be particularly active. Following the completion
of a number of highly successful development projects, this acquisition is consistent with IPUT’s added value investment strategy.
40 Molesworth Street was redeveloped by IPUT in 2017 to provide a striking Grade A office building, with a ground floor retail unit on the corner of Molesworth Street and Dawson Street. The building is predominantly occupied by Jet.com, which is owned by the Walmart Group, and Specsavers.
6 Georges Dock, IFSC was acquired by IPUT in 2013 and is multi-let to tenants including Hedgeserv, Corvil and Airbus.
IPUT plc is pleased to announce plans to invest in Styne House, a Grade A office building situated on Hatch Street, Dublin 2, including the addition of a new street level café and enhanced amenities for occupiers.
IPUT intends to enlarge the existing reception area of Styne House and lower the ground floor entrance which will allow for the development of an 800 sq. ft. café at street level. This new café will provide a vibrant and attractive space for the occupiers of Styne House and members of the public while enhancing the public realm
This investment is part of the Fund’s rolling refurbishment programme and will substantially enhance occupier amenities including new shower, locker, drying rooms and toilet facilities and increase the number of bicycle parking spaces to 100.
As part of a longer-term asset management strategy for Styne House, IPUT has received approval to construct an additional penthouse level comprising 8,000 sq.ft. of office space at 6th floor.
Designed by RKD Architects, it is anticipated that this phased development will see completion of a new building reception, café and basement facilities upgrade by mid-2019.
Kevin Sweeney of Savills has been appointed to source an occupier for the café space on behalf of IPUT.
IPUT plc is pleased to announce that it is the largest adopter of WiredScore’s ‘Wired Certification’ in Ireland with 15 of IPUT’s office buildings certified to date.
Wired Certification acts as a trusted benchmark for buildings, giving greater transparency to tenants on the digital connectivity of commercial buildings. It assesses a number of factors that determine quality of connectivity, including, ease of access to internet providers, availability of Wi-Fi in the building, and how secure and resilient the digital infrastructure of a building is.
WiredScore offers four levels of building rating for qualifying buildings including: Certified, Silver, Gold, and the highest possible rating of Platinum.
Highlights of IPUT’s Wired Certification achievements are:
Niall Gaffney, Chief Executive, IPUT plc commented: “We are delighted to be the largest adopter of WiredScore’s independent connectivity ratings in Ireland, which further highlights the first-class levels of digital connectivity that IPUT is committed to across its portfolio. As Dublin’s commercial office specialist, we understand the importance of connectivity for our tenants and Wired Certification aligns with our commitment of actively managing our assets to ensure we continue to meet, and exceed, the requirements of our occupiers.” enhance connectivity and ratings on all office buildings in the portfolio, which will provide a better experience for tenants;
WiredScore launched Wired Certification in 2013 in partnership with
Mayor Bloomberg and the City of New York. Wired Certification champions
cutting-edge technology in commercial real estate by providing the
definitive certification for rating the digital connectivity of
commercial buildings. To date, in excess of 400 million square feet of
commercial real estate in more than 1,400 buildings has been Wired
Certified globally. International demand for the digital connectivity
rating system has seen the company expand operations to the United
Kingdom, Ireland, France, Germany, and Canada.
IPUT plc is pleased to announce that it has secured planning permission to redevelop and restore 30 - 32 Sir John Rogerson’s Quay,
Dublin 2 which is one of the last remaining original warehouse buildings on Dublin’s quays.
This historic building, which was originally used for the importation of tropical fruit into Ireland, sits on the waterfront facing the landmark Samuel Beckett bridge. Designed by Henry J Lyons Architects this cutting-edge scheme will deliver over 70,000 sq. ft. of unique river front offices and will include a new 6 storey office block at the rear overlooking an existing public square.
The original warehouse building will be sensitively restored and the design incorporates the addition of two floating, fully glazed office floors which will cantilever over the protected structure providing panoramic views over the River Liffey.
In keeping with IPUT’s development strategy, the building has been designed to meet the highest sustainability credentials and will also incorporate a significant investment in the public realm, creating a vibrant pedestrian connection to Whitaker Square from the River Liffey activated by a café and an artist studio at street level. The overall
scheme will be developed as the Tropical Fruit Warehouse in recognition of its unique history. Construction is due to commence in Q3 2018 for delivery to the market in Q4 2020.
IPUT Chief Executive, Niall Gaffney, said:
“The Tropical Fruit Warehouse will be an exceptional building, a cutting-edge, efficient modern office space which also incorporates a thoughtful restoration of the historic warehouse buildings. This redevelopment will complement our existing office holdings in the immediate vicinity which extend to over 600,000 sq. ft. and is part of
our long-term strategy to provide buildings that are recognised for the highest standards in design, functionality and sustainability credentials. We are excited about the unique letting opportunity that the Tropical Fruit Warehouse represents which will further support the anticipated 20% growth in our dividends over the next 3-5 years.”
Joint letting agents for the Tropical Fruit Warehouse are Andrew Cunningham of Savills and Aisling Tannam of Cushman & Wakefield.
IPUT plc, Ireland’s premier property fund (the ‘Fund’), hosts its AGM today at 12.00 noon in the Shelbourne Hotel, 27 St Stephen’s Green, Dublin 2.
Mr. John Mulcahy, Chairman of IPUT plc, noted in his annual statement:
“2017 was a landmark year for IPUT as the Fund reached 50 years in operation, making it one of the most enduring property funds in Europe. IPUT has delivered consistent income returns to shareholders over the past 50 years and this continued in 2017 when we generated a dividend yield of 4%.
I am confident that IPUT’s business model and strategy of focusing on investing in Irish commercial property, with a particular focus on prime large-scale Dublin assets, will continue to generate consistent investment returns for our shareholders. Our current portfolio of high quality assets, rented to high quality tenants, is well positioned to deliver this principal objective.”
Mr Niall Gaffney, Chief Executive of IPUT plc, noted in his annual review:
“Our strategy of regenerating portfolio income continues to drive the performance of the Fund. Having de-risked the current development pipeline we have further regeneration opportunities across our estate, in particular within the Dublin city centre office market. These initiatives will potentially grow shareholder dividends by approximately 20% over the next five years.”
For more information and to download a copy of the IPUT 2017 Annual Report, please visit iput.com
To accommodate our continued growth, we have moved to our newly developed offices at 47-49 St Stephen’s Green. By investing in our own Estate, our new office allows us the opportunity to create a unique working environment that promotes the wellbeing of our people.
Wellness & Sustainability
IPUT’s investment in the built environment and its impact on human health and well-being is reflected in the careful design of our new office. Our new space is on track to achieve WELL Gold certification, which is based on seven categories of building performance; air, water, nourishment, light, fitness, comfort and mind. WELL certification is
only in its infancy in Europe with less than 10 projects achieving certification to date. The new office has also achieved an A3 energy rating placing it in the top 1% of commercial buildings in Ireland. This rating is reflective of our focus on the energy efficiency of our buildings throughout our portfolio.
The new space has been designed with collaboration and comfort in mind. Flexible working spaces have been designed to encourage interaction across various project teams with sit-stand desks, stand up meeting spaces, interactive touch screens and access to roof gardens while new meetings rooms, casual meeting spaces allow the team to have
an array of facilities when working.
Looking to the future, we have heavily invested in our IT & AV systems. Wireless casting and touch screens have been installed to encourage collaboration and activity in meetings, while Microsoft Surfaces have been issued allowing the team to easily work from different spaces with seamless integration with new AV systems.
Enriching our Buildings
The relationship between artwork and architecture gives our buildings life and personality. Our goal as owners and developers of over 5 million sq.ft. of commercial real estate in Dublin, is to create spaces that people enjoy. The quality of finishes and level of detailing within the office represents IPUT’s commitment to innovative and considered design.
“The move to St Stephen’s Green reflects both the ambition and personality of our business. We are authentic about promoting quality design across our Estate and in doing so, we recognise that thoughtful design will serve to improve the wellbeing of people.” Niall Gaffney, IPUT Chief Executive.
IPUT plc is pleased to announce that luxury retail brand, The White Company, have leased 800 sq m (8,527 sq ft) of high quality retail space over three floors at Seventy-Two Grafton Street, Dublin 2 on a long-term lease.
Seventy-Two Grafton Street was acquired by IPUT in 2014 for € 12.5 million and the building was thoughtfully restored and reconfigured to highlight the stunning curved-vaulted ceiling at first-floor level while restoration works have been carried out on the external façade to protect the rich heritage of the building.
IPUT’s Head of Investment, Michael Clarke, said: “Seventy-Two Grafton Street has been extensively refurbished and redesigned, at a cost of €2m, to meet the demands of leading international retailers.
This project is part of our strategy to regenerate our portfolio and
create value for investors. The repositioned asset will generate an
income yield on cost of c. 5.5% and a profit on cost of 30%.”
IPUT plc announces there has been further letting success at “The Exchange”, in the IFSC (Irish Financial Services Centre), Dublin 1.
Leading international Law Firm, Walkers Global, has signed a long-term lease at a rent of €50 psf for the entire 5th floor (19,000 sq ft).
Walker’s Global are an international law firm with offices in several financial services hubs around the world including; Dublin, Singapore and Hong Kong. They will join existing tenants The Food Safety Authority of Ireland and Ronan Daly Jermyn Solicitors who have recently taken occupation within the building.
The Exchange, which completed in October 2017, is the first new build office in the IFSC since 2003. The project has been forward funded by IPUT and benefits from a 2-year rental underwrite from the developer from completion.
Commenting on behalf of IPUT plc Head of Investment Michael Clarke said: “We are very pleased to include another top tier Law Firm as an occupier within the IPUT portfolio and with the benefit of a two year rental underwrite from the developer in place, the focus of our leasing team will continue to be to secure high quality tenants on long term leases”.
IPUT plc, Ireland’s largest unlisted property fund, has completed the acquisition of a modern high-quality logistics facility at Northwest Business Park, Dublin 15 for €12.3m. Unit 103 Northwest Business Park is located midway between the M2 and M3 motorway in Northwest Dublin, providing easy access to the M50 motorway, Dublin Airport and Dublin Port.
The self-contained detached logistics facility extends to 12,500 sq m (135,025 sq. ft.) and sits on a site of 2.6 hectares (6.45 acres). The unit benefits from an internal height of 12 metres, 21 dock levellers and cross docking capability making it ideal for tenants in the FMCG sector. The building was acquired with vacant possession and IPUT will commence a significant refurbishment of the existing facility with a target completion date of Q2 2018.
Commenting on the acquisition, Michael Clarke, Head of Investment, said; “The Fund has selectively increased its exposure to the Dublin logistics sector over recent years and now owns over 2 million sq ft of prime logistics space in strategic locations across Dublin”.
Gavin Butler of Savills advised IPUT in relation to this acquisition. JP McDonagh of Knight Frank acted on behalf of the counterparty.
The eagerly anticipated opening of Victoria’s Secret new flagship store at IPUT’s 28/29 Grafton Street, Dublin occurred yesterday following the completion of a substantial refurbishment and reconfiguration of the 2,700 sq m (29,000 sq ft) building.
Commenting, IPUT’s Head of Investment, Michael Clarke, said: “We are delighted to welcome Victoria’s Secret to 28/29 Grafton Street. This is a very significant letting for the Fund which underlines the ability of our team to deliver asset management solutions which enhance value for our investors while working in partnership with one of the world’s
premier international retailers”.
As part of IPUT’s sustainability programme and a commitment to enhance the public space in which it invests and operates, IPUT has commenced a programme of improvements on Molesworth Street.
IPUT is investing in planting new trees, laying granite paving and widening footpaths adjacent to our developments at No. 10 and No. 40 Molesworth Street. Works commenced in November 2017 with the removal of existing trees and will be completed in the first quarter of 2018.
Upon completion, the overall scheme will include new trees and granite paving on the north footpath from Dawson Street to Kildare Street. The number of trees will increase from six to 17 trees.
IPUT plc Chief Executive, Niall Gaffney, commented: “IPUT has a clear and longstanding objective to support the social and cultural fabric of Dublin City. IPUT’s sustainability policy requires us to manage the impact of our business activities on the environment and the communities within which we operate. We believe the Molesworth Street works will complement the rich heritage of the surrounding area and enhance the built environment where our buildings are located. We will continue to work with the local authorities on other similar initiatives so that future generations can continue to enjoy Dublin City and its environs.”
Note on Tree Planting
The Molesworth Street improvements include the planting of 17 ‘Gleditsia Triacanthos’ (also known as ‘Honey Locust’) trees. The new trees will create a natural canopy that allows sunlight to penetrate through loose, light foliage. Six existing trees will be removed and replaced as part of the planting process.
Note on Improvement Works
The works are being undertaken with Dublin City Council Planning Permission Compliance in respect of Application Number: 3384/15.
IPUT plc has completed the acquisition of Gardner House, Dublin 2 for €63m in an off-market transaction. The 7,000 sq m (75,600 sq ft) office building which has planning permission for a 4,000 sq m extension adjoins existing IPUT holdings at Wilton Park House and is currently occupied by LinkedIn. The acquisition consolidates the Fund’s ownership in this substantial central Dublin block which also includes Fitzwilton House (to be redeveloped as One Wilton) and a block of apartments on Lad Lane.
IPUT plc, Chief Executive Officer, Niall Gaffney, commented:
“We are delighted with the opportunity to take Gardner House back into the Wilton Estate having sold the asset in 2003 for €83 million. The acquisition has allowed The Fund to take full control over the entire Wilton Estate and complete the assembly of an entire Dublin city block capable of accommodating up to 600,000 sq ft of office space.
We now intend to masterplan the entire Wilton Estate, centred around a new public realm in Wilton Park, with the first phase of our redevelopment due to start in Q1 2018, with the construction of 150,000 sq ft of offices at One Wilton.”
IPUT plc announces that it has pre-let the entire of 10 Molesworth Street to leading Irish financial services group Allied Irish Banks plc (‘AIB’ plc). The 115,000 sq. ft. (10,680 sq. m.) landmark office building is located at the heart of Dublin’s commercial and government quarter and is due for completion in Q1 2018.
IPUT plc, Chief Executive, Niall Gaffney, commented: “We are delighted to welcome AIB plc to 10 Molesworth Street and to the IPUT portfolio. The completion of this major letting to AIB means we have now fully pre-let all of our development projects, bringing our total lettings for the year to date 2017 to 400,000 sq. ft, generating €16m in new rent for our shareholders in 2017. We designed 10 Molesworth Street to reach the highest possible standards of sustainability and it will be the first newly constructed office building in Ireland to achieve platinum accreditation through the LEED rating system. We take a long-term approach to investment and this strategy is reflected in the selective redevelopment of our properties. As is evident from the successful completion and leasing of 10 Molesworth Street, this form of investment both enhances the quality of our building stock and regenerates our rental income for the longer term.”
The building, located on the corner of Molesworth Street and South Frederick Street, has been designed by leading Architects, Henry J Lyons to reflect the rich heritage of the surrounding area and will be finished using handmade Coleford Brick, Portland Stone and full height, floor-to-ceiling windows incorporating finely honed stone fins.
IPUT acquired the original building in March 2013 for €18m and received planning permission to redevelop the space in 2014. The full redevelopment of the site commenced in 2016 and has been managed by IPUT’s in house development team. With a final construction cost of €45m, this is the largest redevelopment project undertaken by IPUT. Upon
completion in early 2018 the building will deliver an income yield on cost for the fund of c.11% and a profit on cost of 129%.
Knight Frank and JLL handled the letting for IPUT plc; AIB plc was advised by Cushman & Wakefield.
IPUT plc announces that leading Irish law firm, Ronan Daly Jermyn, will join the Food Safety Authority of Ireland at ‘The Exchange’ in Dublin’s International Financial Services Centre (IFSC). ‘The Exchange’, which is being forward funded by IPUT plc, is the first new office development within Dublin’s IFSC since 2003 and is due for completion in October 2017.
In Q2 the Food Safety Authority of Ireland were announced as the first tenant to take space at The Exchange – agreeing a deal to take 19,041 sq. ft. across the first floor. A deal has now been concluded with Ronan Daly Jermyn to pre-let 6,781 square feet of space on the ground floor of the six-storey 105,000 square foot office building. Ronan Daly Jermyn are entering a 20 year lease, which includes a break option after 12 years, at a rent of €50 per square foot.
Named 2017 Law Firm of the Year at the Irish Law Awards, Ronan Daly Jermyn is a top 10 Irish law firm, with offices in Cork, Dublin, Galway and London, and a staff of more than 230.
Commenting on behalf of IPUT plc, Head of Investment Michael Clarke said: “The leasing of The Exchange is progressing on schedule and we are very pleased to be able to include another top tier Irish Law Firm as an occupier within the IPUT portfolio.”
“This is an exciting time for Ronan Daly Jermyn” said Richard Martin, Managing Partner of Ronan Daly Jermyn. “The new, larger space affords the firm further facilities for growth as the firm continues to expand its offering across its offices in Dublin, Cork and Galway.” He continued, “we were fortunate to find such an exceptional space right at the heart of our preferred location. This brand new building will provide our people, and our clients, with a bespoke, state of the art space. It brings the total square footage occupied by Ronan Daly Jermyn across its three offices to over 40,000 sq ft from which the Ronan Daly Jermyn team serves a wide range of national and multinational clients.”
IPUT is the largest domestic owner of prime office buildings in Dublin’s central business district. IPUT has a net asset value of €2.1bn and office’s comprise 65% of the portfolio. The Fund controls over 2 million sq ft of prime office space in Dublin occupied by leading domestic and international companies. Legal firms account for almost 13%
of our rental income and include leading Irish Law firms; A&L Goodbody, Beauchamps, Dillon Eustace, Eversheds, McCann Fitzgerald and now Ronan Daly Jermyn.
21 September, 2017 | IPUT plc, the largest unlisted property vehicle in Ireland, announces its 2017 sustainability performance results as assessed by The Global Real Estate Sustainability Benchmark (GRESB). IPUT has achieved a significant year-on-year improvement in its sustainability performance following the issue of its 2016
Sustainability Report and which ranks IPUT amongst the premier global real estate funds. IPUT’s 2016 Sustainability Report is available here.
In its second year of participation in the GRESB global survey, IPUT achieved a score of 56 a significant improvement on our 2016 result. The 2017 outcome results in a 2-star GRESB rating, a one-star improvement on 2016.
GRESB assesses the sustainability performance of real-estate portfolios worldwide. The 2017 GRESB survey covers over 850 property companies and funds representing over US$3.7 trillion of real estate assets. GRESB data is used by institutional investors representing over US$17 trillion of institutional capital.
IPUT Chief Executive, Niall Gaffney, commented; “The 2017 GRESB result represents a significant improvement in our second year of participating in what is the global standard for real-estate sustainability rankings. There is momentum in our sustainability activities and our objective is to continue to drive improvement and become a global leader in the GRESB survey. We will carefully analyse our 2017 results to help identify key areas of focus in our programme, and build towards our objective of being the first Irish fund to achieve a 3-star Green Star Rating by 2018”.
5 Earlsfort Terrace – the former headquarters of leading Irish law firm Arthur Cox – is undergoing a €20 million refurbishment which will provide 66,000 sq. ft. of Grade A office space. Upon completion in mid-2018, the building will accommodate up to 750 office workers across its 7 floors. 200 construction jobs will be created in the process.
Refurbishment works will include the addition of two new floors – featuring new 2.7 metre floor-to-ceiling heights. Internally, the building will be completely modernised and delivered to LEED Platinum standards. New features will include 3 new high-speed lifts, generous provision of showers, lockers and changing rooms – in addition to 50 car
park spaces and space for 70 bicycles at basement level.
Externally, the building will retain its distinctive mirrored façade and will see the redevelopment of the plaza fronting onto Earlsfort Terrace. Designed by award winning landscape architect, Robert Townshend, ‘The Earlsfort Plaza’ – frames views of the iconic National Concert Hall directly across the road. This vibrant new urban space will provide a public amenity for occupiers and visitors alike.
5 Earlsfort Terrace is situated in the heard of Dublin’s central business district overlooking the iconic National Concert Hall and adjacent to the Five Star Conrad Hotel. The location is central to all of Dublin city’s amenities and transport links with the LUAS light rail system accessible nearby at St Stephen’s Green, providing access to the
North City, Docklands and the South & West suburbs. Commuters can access an abundance of Dublin Bus routes serving all parts of the city along with Dublin bikes on the doorstep. The DART and mainline rail are nearby at Pearse Street Station.
IPUT Chief Executive, Niall Gaffney, said: “We are pleased to announce a significant investment in the refurbishment of one of Dublin’s landmark office buildings. Our investment in 5 Earlsfort Terrace, together with our partner, Cashel Fund plc reflects our strategy of consistently regenerating our existing portfolio and setting the standard for office buildings in Dublin’s core business district. The investment follows on from our investment in 10 and 40 Molesworth Street, both of which have been successfully redeveloped with lettings well underway.”
Andrew Cunningham, Director of Offices at Savills Ireland comments:“5 Earlsfort Terrace says it all. This is a unique opportunity to obtain 5 Star, headquarter quality office space with a stand out address just off Stephen’s Green. This eye catching building will overlook the new Robert Townshend designed plaza, the National Concert Hall beyond and the adjacent 5 Star Conrad Hilton.”
IPUT plc has completed a re-gear of 3,060 sq m (32,943 sq ft) of office space at the Iveagh Building in the Park, Carrickmines, Dublin 18, with Vodafone Ireland Limited, “Vodafone”, a wholly owned subsidiary of Global Telecommunications company Vodafone Group plc.
Vodafone, who occupy the first and second floors in the Iveagh building on two separate leases have agreed to a lease extension of 10 years incorporating a break option at year 5 which will see the company remain in occupation of the building into the medium term.
Commenting, IPUT’s Head of Investment, Michael Clarke, said “This is a positive outcome for both Vodafone and IPUT and we are delighted to retain this world-renowned company within our portfolio. We continue to actively engage with our existing occupiers and have renewed leases on over 350,000 sq ft of space within our portfolio securing over €10 m of income since 2015.”
Vodafone Group plc is one of the world’s leading Telecommunications groups with over 400 million customers around the world. The company generated revenues of £41bn per annum in 2016.
The Iveagh building is located in the Park in Carrickmines, Dublin 18, where IPUT’s ownership also extends to Phase 1 the Park and lands at Q3 the Park. The Park Carrickmines is regarded as Ireland’s premier retail park.
IPUT plc announces that it has pre-let Unit 624 in Northwest Business Park, Dublin 15 comprising 9,570 sq m (103,000 sq ft) of high quality distribution space to German Logistics operator DB Schenker. DB Schenker have signed a long-term lease on the building and will take occupation later this month following the completion of a substantial extension to the facility.
Unit 624 Northwest Business Park, was acquired vacant by IPUT in June 2015 and a short-term tenancy was sourced to allow IPUT the opportunity to acquire the adjoining site and secure planning permission for a 15,600 sq ft extension that commenced construction in January 2017. The extended 103,000 sq ft modern facility now sits on a secure
5.1 acre self-contained site with 3 gated entrances. The building has been enhanced and upgraded to the highest standards with an internal height of 10m (33ft), 9 dock levellers and the benefit of cross docking capability making it particularly suitable for the FMCG sector. The unit is strategically located close to Dublin Airport with excellent links
to the motorway network including the M2, M3 and M50 motorway.
IPUT plc owns a substantial logistics portfolio extending to over 2 million sq ft and comprising 33 properties which are situated in strategic logistics locations across Dublin. Existing occupiers in the portfolio include DHL, Dunnes Stores, BWG, Geodis, Musgraves, Uniphar and Nightline Logistics.
DB Schenker is the transport and logistics division of Deutsche Bahn AG. The logistics sector of DB is the world’s second largest transportation and logistics service provider based on revenues and performances. DB Schenker operates in over 130 countries worldwide and generated revenues of €15bn in 2016.
Michael Clarke, Head of Investment at IPUT plc said: “We are delighted to continue to build on our relationship with DB Schenker by accommodating their expansion requirements within the IPUT portfolio. This acquisition and subsequent pre-letting demonstrates the ability of our asset management team to generate enhanced returns for our investors while meeting the exacting requirements of one of the world’s leading logistics operators.”
Philip Harvey of William Harvey & Company advised IPUT plc on this transaction. Brendan Smyth of Cushman & Wakefield acted on behalf of DB Schenker.
IPUT plc announces that it has pre-let 40 Molesworth Street, the newly redeveloped 2,800 sq m (30,000 sq ft) office building at the heart of Dublin’s commercial and governmental quarter to U.S. online retailer Jet.com. The 20-year lease at a headline rent of €60 per sq ft has a term certain of 12 years and will add €1.8m to IPUT’s current rental income.
Jet.com is a leading U.S. online retailer whose business is focused solely on the U.S. market, offering a wide assortment of products in the Home, Grocery, Health + Beauty, and Fashion categories, among other consumable and durable products.
Commenting, IPUT plc Chief Executive Officer Niall Gaffney, noted: “We are delighted to welcome Jet.com to IPUT’s expanding roster of domestic and international occupiers. This is a strong indication of underlying demand for high quality space in the Dublin office market. The letting also supports our strategy of regenerating our existing portfolio and
sets a benchmark for our other projects currently underway nearby at 10 Molesworth Street, Dublin 2, and at ‘The Exchange’ in Dublin’s IFSC.”
The building, which is located on a commanding corner of Molesworth Street and Dawson Street, two of Dublin’s most distinguished thoroughfares, was acquired by IPUT in March 2013 for €8.4m. IPUT secured planning permission for a substantial redevelopment of the entire building. Vacant possession was secured in May 2016 when IPUT
commenced a full redevelopment scheme at a cost of approximately €13m. The existing structure was stripped back to its frame and two penthouse office floors added. The external façade has been completely transformed with a high-performance curtain walling system finished in a distinctive hand crafted Petersen brick.
40 Molesworth Street has been completed to the highest standards internally providing the ultimate occupier experience in a superb business location while also enriching its prestigious environment and the heritage of the surrounding area. On completion, the building is expected to achieve a valuation in excess of €40m. This represents a
total return on cost for the fund of over 8%.
The building benefits from excellent transport connectivity including public bus, Luas cross city and Green Lines, mainline rail connections and easy access to Dublin Airport by car or coach service. Significant employee amenities are being provided including excellent showering and changing facilities. The building also has bicycle storage on-site and a Dublin Bikes station directly to the front of the building.
40 Molesworth Street is expected to achieve a Gold certified environmental performance through the LEED assessment system. The redevelopment of 40 Molesworth Street is part of the wider regeneration of the Molesworth Street/Dawson Street area which will benefit from the Luas cross city line due to complete in late 2017. IPUT has engaged with
Dublin City Council to enhance and upgrade the public realm along Molesworth Street. This will involve enhanced pedestrian areas to create a grand thoroughfare in keeping with the historical setting for the building.
Savills handled the letting on behalf of IPUT plc and Jet.com was advised by Colliers.
IPUT plc announces that the Food Safety Authority of Ireland (‘FSAI’) will be the first tenants to occupy ‘The Exchange’ in Dublin’s International Financial Services Centre (‘IFSC) when construction works complete later this year. ‘The Exchange’, which is being forward funded by IPUT plc, will be the first new office development built within Dublin’s original IFSC since 2003.
A deal has now been concluded with the FSAI to pre-let the entire first floor comprising 19,000 square feet of this six-storey, 105,000 square foot office building.
Commenting on behalf of IPUT plc which is forward-funding the development of ‘The Exchange’, Head of Investment Michael Clarke said: “We are delighted to have secured an occupier of the calibre of the Food Safety Authority of Ireland as the first tenant within ‘The Exchange’. The building’s unrivalled connectivity and LEED Gold sustainability
credentials are proving very attractive to occupiers and we are confident that the letting of the remaining space will proceed satisfactorily.”
‘The Exchange’ is centrally located on the Docklands Luas line and five minutes’ walk from Connolly Station. It is surrounded by many of the world’s leading financial services brands within the IFSC including KPMG, Wells Fargo, JP Morgan Chase, SIG and Zurich, PwC, Morgan Stanley, and BNY Mellon.
Joint letting agents Savills and JLL continue to market the remaining space at ‘The Exchange’. Upon completion in October of this year, the building will provide accommodation for up to 1,200 employees.
IPUT plc, Ireland’s largest unlisted property vehicle, held its AGM today at 12.00 noon at Westbury Hotel Conference Centre, Dublin 2, Ireland.
Mr. John Mulcahy, Chairman of IPUT plc, noted in his annual statement:
“IPUT’s focus is the delivery of consistent income returns for shareholders in the form of cash dividends paid on a quarterly basis. This is achieved by owning prime, large scale assets mainly in Dublin. We aim to optimise returns through the active management of our portfolio, with an emphasis on the ongoing regeneration of the Fund’s existing assets.
The IPUT Property Fund’s Net Asset Value (NAV) reached €2bn in 2016 and recorded a Total Property Return of 12% driven both by the quality and strength of our portfolio, together with value-added contributions as investment in our existing assets comes on stream. Our long-term performance compares very favourably to the IPD benchmark and we continue to outperform the benchmark over 3, 5, 10 and 20-year periods.
€85.5m of contracted income was collected in 2016, representing a 100% recovery rate. Significant rental growth was captured over the past 12 months through tenant engagement and active management of properties while reducing the risk profile of the portfolio.
Our Total Expense Ratio, at 0.27%, remains well below industry norms. In line with the continued growth and expansion of our fund, we may see this ratio increase as we add to our headcount.
IPUT paid out €82m to shareholders through quarterly cash dividends, a 3.4% increase on 2015. The annual dividend of €42 per share is in line with the average dividend payment over the last 3 years. The asset management initiatives currently underway position the Fund for the future and we expect an increase in the dividend per share post the
completion and letting of our assets under redevelopment. IPUT’s portfolio of assets continues to show year-on-year growth as capital values continue to grow, albeit at a more moderate pace than in recent years.
We accepted an additional €111m of new equity from new and existing shareholders and have demand for further investment which will be drawn into the Fund as opportunities arise. We have successfully deployed over €148m across 8 assets during the year and we continue to focus our attention on assets where we have an existing presence or where we see the real potential to add value.”
Commenting on future outlook, Mr. Mulcahy said: “We can see uncertainty in the next 24 months. While these developments present their own challenges, some of these should be to our benefit. As expectations of interest rate rises drift out further, our dividend yield of 4-5% over the coming years will remain attractive for our shareholders. We remain confident about maintaining strong recurring dividends for our shareholders in the medium and long term. Our portfolio of high quality assets is well positioned to deliver on this
Mr. Mulcahy was appointed Chairman of IPUT plc in October 2016 following the retirement of Mr. Frank Close from this role. For more information and to download a copy of the IPUT 2016 Annual Report, please go to www.iput.com
For reference, issued on behalf of IPUT plc by FTI Consulting. For media queries, please contact: Jim Devlin, FTI Consulting. t: 01 66 33 600 m: 087 2631057 e: firstname.lastname@example.org
IPUT plc announces that it has leased 4,432 sq m (47,426 sq ft) of office space at P3 Eastpoint Business Park, Dublin 3 to US multinational, Citrix Systems.
Citrix Systems had been an existing tenant in the building and as part of this deal have extended their existing lease and taken a new lease on the remaining space. This follows an extensive upgrade of the building which was completed by the Fund and has secured over €1.1m of rental income from a strong covenant for the long term.
Citrix Systems is a US software company generating revenues of over $3bn per annum (2016). Established in 1989, Citrix are recognised worldwide as one of the market leaders of server & networking software. More recently they have transitioned into cloud computing technologies and the Dublin office will primarily provide inside sales roles and technical support to this area - read full story here
EastPoint Business Park is a 40-acre office park with over 50 companies located in Dublin’s Docklands and benefits from strong road and rail transport links. The park is home to a mix of Irish and multinational companies including Google, Cisco, Virgin Media Datalex and Verizon.
Knight Frank handled the letting on behalf of IPUT plc and Citrix were advised by JLL.
As part of the schedule of events to mark the 50th anniversary of the Fund, IPUT was a headline sponsor at the recent INREV Annual Conference which was held on April 4th and 5th in Berlin. INREV is the European Association for Investors in Non-Listed Real Estate Vehicles. The association represents and reflects an industry with a total value of €2.1 trillion.
INREV members include around 75 of the largest institutional investors as well as 40 of the 50 largest real estate fund managers, plus banks and advisors across Europe and elsewhere. IPUT featured prominently over the two days of the conference with management meeting a number of leading global institutional investors. We will continue to
participate in similar industry events with a view to increasing awareness of IPUT amongst European institutional investors, building the IPUT brand as the property vehicle of choice for Ireland.
IPUT plc and Davy Real Estate have launched a second phase of Grade A offices at the Waterside development at Citywest, Dublin which would provide an additional 180,000 sq.ft. of LEED Gold standard office space at this award winning development.
Situated in a parkland setting at the entrance to the Citywest Business Campus and fronting onto the N7, Waterside provides quick and convenient access to the M50 motorway and Dublin Airport. Citywest Business Campus also benefits from the Red Line LUAS which creates a direct light rail link to Dublin City Centre.
The existing Phase 1 at Waterside comprises 220,000 sq. ft. of Grade A office buildings which feature high quality design and finishes including full height glazed facades and enhanced energy efficiency. The quality of this initial phase has attracted leading international businesses to Waterside including SAP, Fidelity, Glanbia and Astellas.
In response to demand for expansion space within Waterside, co-owners IPUT plc and Davy Real Estate have recently completed the construction of a 55,000 sq. ft. building which was pre-let to SAP in 2016. This was the first new office building constructed in Dublin since 2010.
Planning permission is now in place to provide an additional 180,000 sq. ft. of Grade A office space in three new landmark buildings.This next phase of the development will build on the Scheme’s initial success by creating additional high quality office space and significant employee amenities including shower facilities, locker rooms, bike parking and an on-site café. A generous car parking ratio of 1 per 30 sq. m. will be maintained for Phase 2 of the development.
Buildings will be available for lease on a floor-by-floor or entire building basis. Typical floor plates will range from 17,750 to 19,700 sq. ft. and each building can provide approximately 60,000 sq. ft. to a single occupier or can be amalgamated into a single 180,000 sq.ft. headquarter building for a larger space occupier. Floor plates are
bright, highly efficient and flexible, and will provide ideal space for firms operating in the technology, financial or professional services sectors.
Joint letting agents BNP Paribas Real Estate and JLL are quoting an annual rental level of €296 per sq. m. (€27.50).
IPUT is marking its 50-year anniversary in 2017 with a programme of bespoke events that will recognise the role of our stakeholders who have contributed to the growth of IPUT into the largest unlisted property fund in Ireland.
IPUT was established in 1967 to allow companies invest in property in Ireland and its growth has closely mirrored the development of the Irish economy across the intervening decades. From its first acquisition of 36 Grafton Street, IPUT now owns almost 100 properties valued at more than €2bn.
IPUT has a distinct focus on providing consistent income returns to shareholders, generating an average income yield of 5.1% over the last 20 years. IPUT has returned almost €500m to shareholders through cash dividends since 2007 and expects to return €1.2bn in dividends to shareholders over the next decade.
Commenting on IPUT’s 50th anniversary year, CEO Niall Gaffney said:
“Over the past 50 years IPUT has evolved into one of the leading property funds in Europe. One of our unique characteristics is that we have a 50 year track record in paying cash dividends to our shareholders through multiple property cycles. As we face into 2017 our portfolio is characterised by the quality of our assets, we own some of the finest
office buildings in Dublin city centre occupied by leading domestic and global companies.
Our future plans will further reinforce the quality and sustainability of our portfolio as it includes an exciting programme of office regeneration projects across Dublin 2, which upon completion will further underpin our position as the Irish property vehicle of choice for long term property investors.”
Further details of the IPUT 50 program will be available through www.iput.com over the coming weeks.
IPUT plc is pleased to announce the addition of leading global fashion brand, Victoria’s Secret, to the IPUT portfolio. The Fund can confirm that Victoria’s Secret has completed a new long-term lease of its flagship retail asset at 28/29 Grafton Street, Dublin which extends to 2,700 sqm. The new letting will produce rental income of €1.85 m per annum and is a new benchmark rental value for Grafton Street in the current cycle.
The lease is guaranteed by retail giant L Brands which employs over 80,000 people worldwide and recorded sales of $12.7 billion in 2015. 28/29 Grafton Street was acquired by IPUT plc in 2012 and is one of a small number of international-quality retail stores in Dublin which can offer 1,800 sqm of high quality retail space spanning over three
Victoria’s Secret will significantly enhance the building’s façade and reconfigure the internal layout as part of its extensive tenant fit-out plans. Works will commence in January 2017 and Victoria’s Secret is expected to open this, its first Irish store, in November 2017.
Michael Clarke, Head of Investment at IPUT plc said: “We are delighted to welcome Victoria’s Secret to 28/29 Grafton Street. This is a very significant letting for the Fund and underlines the ability of our team to deliver asset management solutions which enhance value for our investors while working with one of the world’s premier international retailers to meet their specific requirements.”
IPUT plc was amongst the winners at the KPMG Irish Independent Property Excellence awards, winning the category “Property Investment/Fund Manager of the year”. IPUT beat off competition from several listed and unlisted companies including Hibernia REIT, Irish Life and Friends First, who were also shortlisted for the award.
The award is a welcome recognition of IPUT’s performance over the last 12 months.
IPUT has completed the acquisition of 30-32 Sir John Rogerson’s Quay in Dublin 2 for a price in the order of €20m, which will bring total spend year to date to c. €150m. The 2,627sqm riverfront warehouse is currently occupied and sits on a 0.77 acre site adjacent to IPUT’s existing office asset at 33-34 Sir John Rogerson’s Quay.
The site is located in the SDZ and IPUT will undertake a high quality refurbishment of the unique warehouse building to the front, with the potential to develop a modern office building on the site to the rear.
IPUT has received full planning permission from An Bord Pleanála to redevelop Fitzwilton House in the heart of Dublin’s central business district.
The planning permission allows IPUT to redevelop and replace the existing 8,513sqm building with 17,405sqm of office accommodation. The building is targeting a certified environmental performance of Platinum through the LEED assessment systems.
IPUT plc, in partnership with The Cosgrave Property Group have launched ‘The Exchange’, a new premium Grade A office building located at the heart of the original IFSC (Irish Financial Services Centre) within Dublin’s Central Business District. The Exchange will provide 105,000 sq ft (9,750 sq m) of office space over six floors. The building is being developed by the Cosgrave Property Group with funding provided by IPUT plc, making it the first building to be forward funded by a domestic fund. John Sisk & Sons are acting as the main contractor.
When completed and available for letting in in October 2017, The Exchange will be the first new Grade A office building constructed within the original phase of Dublin’s IFSC since 2003.
Savills and JLL are seeking a new HQ occupier for either the entirety, or on a floor by floor basis for the building which will accommodate 1,200 people when complete. Up to 100 people will be employed on site during the peak of the construction.
Designed by KMD Architects, The Exchange is a 6-storey over basement building with an imposing projected glass and granite façade, full floor-to-ceiling glazing and a stunning full height central atrium pouring natural light to each of its six floors. Its upper floors will provide extensive views across the IFSC and the wider Dublin skyline.Floor plates of 19,000 sq ft have been designed for maximum efficiency and flexibility, creating workspace with A3 energy efficiency which can adjust and split efficiently from 4,415 sq ft responding to the changing needs of business.
The Exchange is centrally located on the Docklands Luas line and adjacent to the Citi Group building, just 50 metres from the CHQ Building and five minutes’ walk from Connolly Station. It is surrounded by many of the world’s leading financial services brands within the IFSC including KPMG, Wells Fargo, JP Morgan Chase, SIG and Zurich, PwC,
Morgan Stanley, and BNY Mellon.
Its unrivalled connectivity to local, national and international transport nodes will create Ireland’s most connected new office building - LUAS, train, DART (Dublin Area Rapid Transport), bus and bike stations are all within a few minutes’ walk. Dublin Airport is approximately 25 minutes by road via the Dublin Port Tunnel.
Commenting, Niall Gaffney, Chief Executive of IPUT plc commented: “The original phase of the IFSC has matured well, with a vibrant mix of retail, leisure and residential uses which are attractive and complement its established global financial occupiers. We are excited that The Exchange is under construction and well on schedule to provide occupiers with new, flexible Grade A office accommodation in the heart of the IFSC for the first time in well over a decade.”
Commenting, Peter Cosgrave of Cosgrave Property Group said: “We are delighted to develop and deliver this grade A office building, built to LEED Gold standard, in the heart of the International Financial Services Centre. On its completion in October 2017, The Exchange will be one of the finest office buildings that Dublin has to offer, with a
level of specification, finish and flexibility that will meet and exceed the exacting needs of global and domestic occupiers.”
Preqin (Alternative Assets Performance Monitor) recently announced that IPUT was the best performing open ended Real Estate fund in Europe, delivering a 3-year annualised return of 25.9% to the end of 2015. IPUT saw off competition from AEW (17.7%), Threadneedle (17.5%), Unite (16.8%) and Fidelity (15.2%) to capture the top spot.
Commenting on the award, CEO of IPUT Niall Gaffney said “The award further enhances IPUT’s International reputation and underscores our position as the property fund of choice for Ireland”.
Preqin has the largest database of alternative assets fund performance (8,660+ Private Capital Funds and 14,300+ Hedge Funds.
The Preqin Real Estate Online Portal examines the performance of over 1,550 named funds and has profiles of 5,400 Institutional Investors and 3,500 Fund managers globally.
About Preqin performance monitor
The 2016 Alternative Assets Performance Monitor provides insight into the performance of alternative assets funds, analysing performance data for almost 23,000 funds. The performance monitor covers all alternative assets, including Private Equity, Private Debt, Infrastructure, Real Estate, Natural Resources and Hedge Funds.
IPUT plc is pleased to announce the letting of 18,500 sq. ft. of penthouse office space at 1 Grand Canal Square to Citadel Securities.
Citadel Securities is a leading global market maker across a broad array of fixed income and equity securities. It is understood that its Dublin office is part of the expansion of its market-making business in Europe serving a broad range of clients including asset managers, banks, broker-dealers, hedge funds, government agencies and public pension
programs. Citadel Securities has leased the 18,500 sq. ft. penthouse floor at 1 Grand Canal Square at an annual rent in the region of €60 per sq. ft.
1 Grand Canal Square is one of Dublin’s landmark modern office buildings, occupying a pivotal waterfront location overlooking Grand Canal Harbour in the centre of Dublin’s South Docklands. The building is a Grade A, six storey building extending in total to 120,017 sq. ft. and notable occupiers include HSBC, Accenture and Bank of Ireland.
Commenting, IPUT CEO Niall Gaffney, said: “The demand for high quality, modern office accommodation in Dublin’s central business district remains very strong. We are continuing to see tenant demand across our office portfolio from international firms wishing to locate into Dublin, and from Irish companies expanding their operations. We are
delighted that Citadel Securities, a global leader in market making and financial trading services, has chosen Dublin and in particular, an IPUT building for its latest expansion in Europe.”
CBRE handled the letting for IPUT plc and Citadel Securities were advised by Colliers International.
IPUT plc has completed the acquisition of a high specification logistics facility at Rosemount Business Park, Dublin 15 for €17.8m in a transaction that will provide the Fund with an initial income yield of 6.5%. Rosemount Business Park is situated 2 km from the M3 motorway and 3.5 km from the M50 motorway providing convenient access to both Dublin Airport and Dublin Port.
Purpose built for Irish Express Cargo in 2000, the building is an international class logistics facility totalling 25,083 square metres (270,000sq. ft.) on a site of 5.2 hectares (12.84 acres). The purchase price of €17.8m reflects a capital value of €65.00 per sq.ft. which remains significantly below the cost of replacement which is estimated at €120 per sq.ft.
The property is occupied by Dunnes Stores on a 20 year FRI lease from September 2008. There is a tenant break option in September 2019 subject to 12 months notice.
With a passing rent of €1.15m per annum which equates to €4.41 per sq. ft. there is considerable potential for rental increases with a rent review outstanding and a further rent review to take place in 2018. Recent JLL research indicates that prime logistics rents are currently €7.50 per sq.ft. which they forecast will increase to €8.75 per sq.ft. by the end of 2016.
Over the past 24 months IPUT has acquired over 1.25m sq.ft. of prime logistics buildings in Dublin producing a blended income yield of 7.15% for the Fund’s investors. IPUT owns a substantial logistics portfolio extending to over 2m sq.ft. and comprising 32 properties which are situated in strategic logistics locations across Dublin. Existing
customers include DHL, BWG, Geodis, Musgraves, Uniphar plc and Nightline
The completion of this acquisition increases the value of the assets under management by IPUT plc to almost €2bn.
Industrial specialist Philip Harvey of William Harvey & Co. advised IPUT in relation to this acquisition. Patrick Curran of BNP Paribas Real Estate acted on behalf of the vendors.
IPUT plc announces the completion of lettings to DB Schenker and Realt Paper at North Dublin Corporate Park in Swords, Dublin.
North Dublin Corporate Park was acquired by IPUT in 2014 and comprises a fully managed logistics park which is strategically located North of Dublin airport with excellent links to motorway infrastructure including the M50 motorway and the M1 motorway between Dublin and Belfast. Constructed in 2007, North Dublin Corporate Park extends to
over 10,000 sq. m with existing customers in the park including The Central Fisheries Board, Luk Pan and Fisher and Paykel appliances. The completion of these lettings which comprised 5,500 sq.m of logistics space means the park is now fully occupied and income producing.
IPUT plc owns a substantial logistics portfolio extending to over 2 million sq.ft. and comprising 32 properties which are situated in strategic logistics locations across Dublin. Existing customers include DHL, BWG, Geodis, Musgraves, Uniphar plc and Nightline Logistics.
Philip Harvey and Kevin McHugh of William Harvey & Company advised IPUT plc on both transactions.
IPUT plc announces that it has leased a 15,000 sq ft retail premises at The Park at Carrickmines to IKEA. The new outlet will be IKEA’s first Order and Collection Point in Ireland and it is understood forms part of IKEA’s plans to test and explore new sales channels that make IKEA more accessible to customers. The new outlet is expected to open in summer 2016.
Commenting, IPUT’s Head of Property Management, Niall Ringrose, said: “We are delighted to have secured IKEA’s newest offering for The Park at Carrickmines. IKEA is iconic, and the global leader in the home furnishing market. Its new Order and Collection Point will significantly enhance the very high quality retail offering already available at the Park and helps confirm The Park at Carrickmines as Ireland’s leading retail park.”
Considered Ireland’s premier retail park development, The Park at Carrickmines is located at Junction 15 of the M50 orbital motorway within the catchment area of Dublin’s prime south side suburbs. The tenant roster at The Park at Carrickmines already includes many of Ireland’s leading retail brands including Smyths Toys, Woodies, DFS, Curry’s/PC World, Halfords, Next, 53 Degree’s North and Hickeys/Home Focus.
IPUT plc, Ireland’s largest unlisted property vehicle, held its AGM today at 12.00 noon at the Shelbourne Hotel, St. Stephens Green, Dublin 2, Ireland.
Mr. Frank Close, Chairman of IPUT plc, noted in his annual statement:
“IPUT made significant progress during 2015, completing its second full year as a qualifying investor alternative investment fund (QIAIF) and consolidating the Fund’s long term out-performance of the IPD benchmark over one, three, five and ten year periods. IPUT recorded a total property return of 25.3% for 2015 with both core and active
portfolios contributing to this performance. This allowed the Fund to distribute €79.2 m in dividends to our shareholders, an increase of almost €19m on 2014.
Rents totalling €85.8m were collected representing an almost 100% recovery rate. This provided a net income return on the Net Asset Value (NAV) of IPUT’s property portfolio of 5.01% which equated to a dividend per share of €43.83, an increase of over 5.4% on 2014. The fair value of IPUT’s portfolio of properties increased by €251m during the period,
with the Fund’s Dublin-focused office portfolio contributing the lion’s share of this increase.
IPUT is engaged in the redevelopment of a number of its buildings to enhance and grow rental income. A number of these projects commenced during 2015, predominantly situated in prime Dublin City centre locations, including 47-49 St. Stephens Green and 10 Molesworth Street. Given the unprecedented low level of interest rates, IPUT explored the use of borrowings to fund redevelopment projects. Since year end, IPUT executed a three year €150m Revolving Credit Facility with Wells Fargo for the specific purpose of financing redevelopment projects. 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 first four months of 2016 has seen continued momentum with the active management of IPUT’s core portfolio and good progress on our redevelopment projects. We are also continuing to look at acquisitions in key locations. While there is always some level of uncertainty, we foresee another year of satisfactory growth in 2016 as the commercial
property market continues to grow on the back of higher rental values and increased occupier demand.”
Mr. Frank Close will be stepping down as Chairman of IPUT plc later this year in favour of Mr. John Mulcahy, IPUT’s current Deputy Chairman.
IPUT, the largest unlisted property vehicle in Ireland, today announces it has embarked on a substantial reconfiguration of Seventy Two Grafton Street, which will create a modern flagship retail store located at the midpoint of Ireland’s best retail location.
The building was acquired by IPUT in 2014 as part of a portfolio of real estate assets from the Bank of Ireland Staff Pension Fund. The original building dates from 1911 and is being carefully reconfigured to highlight a stunning curved vaulted ceiling at the first floor level with unique geometric faceting. Seventy Two Grafton Street will provide
9,000 square foot of premium retail space over three floors and includes a double height feature entrance and a 7 meter wide, fully glazed, shop front.
Seventy Two Grafton Street was designed in 1910 by architect, Richard Francis Caulfield Orpen, brother of the painter, William Orpen. Known originally as the Grafton Picture House, the building first opened its doors as a cinema on the 11th April 1911. The cinema continued in operation for over 60 years until the 1970’s when the building was
substantially rebuilt and converted to retail use and Grafton Street became pedestrianised for the first time.
As Ireland’s premier retail location, Grafton Street, and its environs, have access to a thriving retail market including an annual footfall of 57 million people, and a population of 1.24 million in the Dublin area with an estimated spending power of €25.71 billion.
Commenting, IPUT Head of Investment, Michael Clarke said: “The opportunity for brands to locate on Grafton Street in a space of this scale and quality is rare. The consideration we have given to the building’s redesign, and the investment we are making, reflects the unique character of the building and our determination to create an international standard flagship store in Dublin’s strongest retailing location. This is coinciding with intense interest and letting activity involving global retail brands seeking representation on the street.”
The building will be available for occupancy from September this year. Stephen Murray of JLL has been appointed as sole letting agent on behalf of IPUT plc.
IPUT plc announces that Dune of London will open its first Central
Dublin store at 69 Grafton Street in March 2016. 69 Grafton Street which
extends to 540 sq.m overall was acquired by IPUT plc in 2015 from the
Construction Workers Pension Scheme as part of a portfolio of retail
assets. The retail element at ground floor and basement levels which
extends to 240 sq.m was reconfigured and expanded by the Fund prior to
being pre-let to Dune on a long term lease.
The Dune Group is one of the largest global players in fashion
footwear and accessories. Based in London, the company has 100 stores
Worldwide with a further 170 concessions in the major department stores
such as Topshop, Topman, House of Fraser, John Lewis and Selfridges.
Simon Cooper of CBRE advised IPUT plc on the letting.
IPUT announces that it has acquired a 7.24 ha (17.92 acre) block of zoned lands at the Park in Carrickmines for €47m. The lands are adjoining the existing retail development at the Park and have Strategic Development Zoning (SDZ) within the current Dun Laoghaire-Rathdown Development plan. IPUT is already the owner of Phase 1 of the Park retail development which it acquired in November 2014 for €90m.
Considered Ireland’s premier retail park development, The Park at Carrickmines is located at Junction 15 of the M50 orbital motorway within the affluent catchment area of Dublin’s south side suburbs.
The lands were acquired from joint owners Park Developments and Tristor Limited, advised by Savills.
Commenting, Mark Reynolds of Savills said: “These lands hold significant strategic value as they adjoin the established and successful Park retail offering in south Dublin. We expect that IPUT will provide a cutting edge scheme that will add significant value by expanding on the scale and success of the existing Park Carrickmines Retail Development”
Commenting, IPUT CE Niall Gaffney said: “We are taking a long term view of our investment in the Park with the objective of ensuring that we realise its full potential as Ireland’s leading retail park. This acquisition gives us the opportunity to look at master planning and development the entire site to both complement the existing phases and extend its excellent offering within this key south Dublin retail catchment.”
In one of the largest office lettings to take place in Dublin in
recent years the entire of 7 Hanover Quay, Grand Canal Dock, Dublin 2
has been leased to Accenture who have taken a long term lease of this
6,160 sq m Grade A office building. The building was acquired by IPUT in
2014 for €50m and has recently undergone an extensive refurbishment
programme bringing its large open plan floors up to the highest Grade A
specification. The repositioned asset is now valued at over €75m.
IPUT plc announces that it is funding the development of The
Exchange, a 110,000 sq.ft. Grade A office building which has commenced
construction in the IFSC, Dublin’s principal financial district. The
Cosgrave Property Group will develop the office scheme for IPUT with
Sisk appointed as the main contractor.
The Exchange is a new office development that will extend to 110,000
sq ft over six floors with 37 basement car spaces and will be
constructed to a Grade A specification to include a LEED Gold energy
rating. On completion, The Exchange will be the only new Grade A office
building situated within the heart of the original phase of the IFSC.
The Exchange is centrally located in the IFSC, situated next to CHQ,
Georges Dock with excellent transport links including the LUAS line
running adjacent to the building and Rail and DART services located a 5
minute walk away at Connolly Station. Surrounding occupiers include the
world’s leading financial services brands including Citigroup, KPMG,
Wells Fargo, JP Morgan, SIG and Zurich.
The site was acquired by IPUT at the end of 2015 and is being
developed in partnership with the Cosgrave Property Group, a highly
experienced development partner which has completed similar scale
developments in Dublin including the Georges Quay complex in Dublin 2.
John Sisk & Son have been appointed as main contractors and
construction commenced on site on the 4th January 2016.
A key advantage for The Exchange is that it will be completed and
available for tenant fit out by September 2017, well in advance of the
majority of other office developments proposed in Central Dublin.
Savills and JLL advised IPUT and the Cosgrave Property Group
respectively on the transaction and both firms have been appointed as
joint letting agents for the office scheme.
Niall Gaffney, Chief Executive of IPUT plc commented;
“We are looking forward to working with the Cosgrave Property Group
over the next 18 months to deliver a premium office property into this
under-supplied sector of the Dublin office market.
This phase of the IFSC has matured very well, with vibrant retail
and leisure uses complimenting the established global financial
We are excited that The Exchange is now under construction and
believe that it is best placed to provide occupiers with flexible Grade A
office floor plates in the heart of the IFSC.”
“Peter Cosgrave of Cosgrave Property Group commented”
“Cosgrave Property Group is delighted to be working with IPUT on the
delivery of this grade A office building in the heart of the
International Financial Services Centre. Upon its completion we believe
that The Exchange will be one of the finest office buildings in Dublin
with the specification and flexibility to meet the exacting needs of
both global and domestic office occupiers.
Thursday, 26th November, 2015 - IPUT plc (‘IPUT’) announces the
launch 10 Molesworth Street, a new landmark office building providing
115,000 sq. ft. of Grade ‘A’ accommodation located at the heart of
Dublin’s business and cultural district.
The building occupies a prestigious corner site on Dublin’s
Molesworth Street and South Frederick Street and will provide 115,000
sq. ft. office space over seven floors with a double height
glass-fronted entrance framed in Portland Stone, a bright and spacious
double height reception area, central courtyard gardens and extensive
terraced areas off its fourth and fifth floors.
The building will provide significant employee amenities including
locker rooms and changing spaces, bike racks and gymnasium.
Internationally renowned Irish artist, Joseph Walsh, has been
commissioned to create a major new work to be located in the reception
area of the building.
10 Molesworth Street is the first commercial office building in
Ireland designed and constructed to meet the challenging LEED Platinum
standard, the highest environmental and sustainability standard
available in the built environment. The building has also been designed
to achieve an A3 building energy rating.
Construction activities have commenced on site with the demolition
of the existing structure and the erection of a specially designed
hoarding for the site. Ten Molesworth Street will be available for
letting in 2017 and forms a central element in a pipeline of
refurbishment projects and new development being undertaken by IPUT
which will provide approximately 400,000 sq. ft. of new office space to
the Dublin office market over the next three years.
Joint letting agents for Ten Molesworth Street are JLL and Knight Frank.
For further information please go to www.10molesworthstreet.com
This has been awarded to IPUT plc for achieving the highest total
return relative to the IPD All Property benchmark annualised over 3
years to December 2014.
The IPUT Property Fund total return for the 3 years to December 2014
was 19.4% p.a. compared to the MSCI benchmark total return of 16.8%.
Commenting on the award, CE of IPUT Niall Gaffney said “This is the
fourth year in succession the IPUT Property Fund has won this award and
it is a credit to the Senior Management Team at IPUT that this level of
out-performance has been maintained against the back-drop of substantial
investment and redevelopment activity across the Fund over the past 3
IPUT joined other top performing European award winners including:
AEW Europe SGP, Axa Investment Managers – Real Assets, Klepierre,
Schipol Real Estate B.V., ROM Eiendom, Square Asset Management, Rikshem
AB, Allianz Suisse Immobilien AG and LaSalle Investment Management.
Peter Hobbs, Managing Director and Head of Real Estate Research at
MSCI said, “These awards represent a huge achievement for the winners in
each category. Each of these winners have outperformed their peers over
a three year period. It is particularly difficult to achieve such
outperformance over this timescale, so the portfolio managers and their
teams deserve many congratulations for such an achievement.”
7 Hanover Quay provides 68,000 sq ft of Grade A offices set over
seven spacious floors. The full height glass façade of the building
enjoys panoramic views over Dublin Bay and the Grand Canal Basin. The
building was acquired by IPUT in 2014 and has recently undergone an
extensive refurbishment programme bringing its large open plan floors up
to the highest Grade A specification.
Attending the launch event this evening (Thursday), will be Mr.
Martin Shanahan, Chief Executive Officer of IDA Ireland. Mr. Shanahan
“Dublin has done exceptionally well from Foreign Direct Investment
(FDI) over recent years, with the numbers working at IDA-client
companies in the city rising by almost a third to over 70,000 people. As
a result additional property solutions to accommodate this influx of
investment are coming on stream all the time, with 7 Hanover Quay,
(previously home to Facebook) a prime example of this trend. While there
is a tightness of supply in some city locations at present, new
development and refurbishments are ensuring companies are finding space
in the city, turning Dublin into one of Europe’s most recognisable
cities for technology companies and business generally”.
Commenting, IPUT plc Chief Executive, Niall Gaffney said:
“Our focus is on acquiring and holding best in class commercial
properties in prime Dublin locations in order to provide our
shareholders with strong income returns. Over the past three years we
have made a number of timely investments in the Dublin office market and
in several of these properties we have taken the opportunity to add
value through the redevelopment and re-letting of superior quality
office space into the strengthening office market. As long term
investors, we have the capacity to deliver a portfolio of high quality
office space to the Dublin market, 7 Hanover Quay is the first building
in our programme of six office schemes which we anticipate will deliver
400,000 sq ft within the next three years.”
7 Hanover Quay is the first of several office buildings included in a
pipeline up to 400,000 sq ft of both newly developed and refurbished
office space, which will be delivered by IPUT within the next three
years, in time to meet the pent-up demand for space in prime city centre
Riverside One is one of finest prime office buildings in Dublin and is consistent with IPUT’s objective to invest in prime real estate in Dublin’s central business district. Following the acquisition, IPUT’s portfolio of assets will increase to a value of approximately €1.6bn of which 65% is invested in prime office space and 92% located in central Dublin. The 110,000 sq ft building is let in its entirety to the partners of law firm, McCann FitzGerald with 16.5 years unexpired on the lease and no tenant break options. The office rent is subject to an upwards only rent review in October 2016. Designed by Scott Tallon Walker and built by John Sisk & Sons in 2006, Riverside One is one of the finest office buildings in Dublin with a unique setting on the River Liffey facing the Dublin Convention Centre. It is located adjacent to IPUT-owned office buildings at Riverside Two and 33/34 Sir John Rogerson’s Quay. Riverside One is finished to a very high specification including a full height central atrium over seven floors Niall Gaffney, Chief Executive of IPUT plc, commented: “Riverside One is an exceptional office building. Its location, design, lease terms and tenant are consistent with IPUT’s core investment strategy which is to focus on the best office space available within Dublin’s central business district. We intend to hold an over-weight position in prime Dublin city centre offices as the economy continues its recovery and demand for office accommodation at the upper end of the market strengthens. Riverside One will contribute positively to our portfolio and income profile immediately and for the longer term.”