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IPUT Delivers Strong Results For 2017

10 Molesworth St., Dublin

Iput, Ireland’s largest unlisted fund, saw rental and capital values rise in 2017, even as its growth rate slowed in the final quarter.

The fund's net asset value per share increased by 5% in 2017, in spite of a rise in stamp duty from 2% to 6%.

In the final quarter it said its net asset value had increased by 2.7% compared to an increase of 5.9% between the second and third quarter. The fund has a net asset value of €2.3B and invests in offices, retail and industrial properties.

The main driver of value for the fund was an increase in rental income, which rose 6% in 2017. Capital values were flat. Overall the fund produced a total return of 9.5%.

The key drivers of growth in the fourth quarter were the added value developments at 10 and 40 Molesworth St., Dublin 2. 

AIB signed a lease at 10 Molesworth St. in October. The bank, which is still largely owned by the taxpayer, will occupy the entire seven-storey, 114K SF building on a 20-year lease. Rent for the building, is reported to be €57.50/SF.

Specsavers have signed a 15-year lease for 3,837 SF of retail space on the ground floor of 40 Molesworth St.

These developments as well as other value-added projects delivered 46% of the total increase in 2017, a trend which is expected to continue in the medium term.

Iput also said demand for office space at the Exchange development in the IFSC was reported to be strong with a number of deals in the final stages. Once completed these lettings will add €1.2M to the fund’s rental income.

The fund completed the €63M off-market acquisition of Gardner House in Dublin 2 in the fourth quarter. The building is currently occupied by LinkedIn. This acquisition has allowed the fund to take full control of the entire Wilton Estate scheme.

The fund also acquired a unit in the Northwest Business Park in Dublin 15 for €12.3M and it sold 73, 74 and 75 on Patrick Street, Cork, for €6.5M.