20 ON HATCH, HATCH STREET LOWER, DUBLIN 2

Hatch Street

  • Modern refurbished office building located adjacent to Earlsfort Terrace and St Stephen’s Green
  • Purchased in late 2014 for a Net Initial Yield (NIY) of 4.7% but a reversionary yield of 6.3%
  • Total net lettable area of 44,400 square feet
  • Fully let to Met Life and Covidien for c. 5 years
  • Passing rent at €29 per square foot providing potential for significant rental uplift - current market rent in excess of €40 per square foot

 

 

8-34 PERCY PLACE, DUBLIN 2

 

Percy Place

  • Office property with net lettable area of 36,646 square feet
  • DIPF has a 75.9% interest in the property
  • Agreed to purchase an additional 43% interest equating to a 5.25% NIY rising to 7% once vacant space let
  • Post completion agreed to surrender of two floors and relet them gaining additional rent of €6 per square foot to €30 per square foot
  • Also let final unoccupied floor for €33 per square foot
  • Property now fully let with potential for additional rental growth at rent review

 

 

 

FERRY HOUSE, 48-53 LOWER MOUNT STREET, DUBLIN 2

 

Ferry House

  • 34,000 square foot office building located on Mount Street in Dublin 2 and adjacent to Bord Gais Warrington Place Headquarters
  • Fully let to 9 tenants
  • Current average rent of €20 per square foot; rents agreed in 2010 – 2012 period
  • Estimated Rental Value (ERV) at €31 per square foot – now benefits from rise in rents generally and squeeze on prime space and rents are likely to move higher as new deals agreed
  • First reviews/expiries in 2015 and will increase rental tone to ERV
  • DIPF has 100% interest in the property

 

 

TREASURY BUILDING, LOWER GRAND CANAL STREET, DUBLIN 2

 

Treasury Building

  •  Large modern office building located close to Google Docks area
  • 124,000 square foot office building located in Silicon Docks area of Dublin
  • Fully let to National Treasury Management Agency (NTMA) (38,000 square feet), National Asset Management Agency (NAMA) (66,000 square feet) and Elan (20,000 square feet)
  • Various lease end dates but Weighted Average Unexpired Lease Term of c. 7 years
  • DIPF has a 21% interest in the property

 

 

2-5 WARRINGTON PLACE, DUBLIN 2

 

Warrington Place

  • Located in Dublin 2 on the canal and beside new Bord Gais Headquarters
  • 11,500 square foot modern office building
  • Let to Broadcasting Authority of Ireland on a long lease

 

 

 

The Fund is a real estate-based investment, is speculative and requires a long-term commitment, with no certainty of return. There can be no assurance that the Fund will achieve its Investment Objective or that an investor will recover the full amount invested in the Fund. Many of the investments will be highly illiquid.