Allianz to invest €140m in Irish property market

/in , ,

Allianz Real Estate, the international real estate division of Allianz Group with €30bn in assets under management, has committed to invest €140m in IPUT, the largest unlisted debt-free property fund in Ireland. IPUT currently manages over 90 portfolios, valued at more than €1bn, including 43 prime office property in Dublin’s central business district valued at €775m.  Most recently, it acquired a portfolio of Dublin-based assets, known as the Salix portfolio, from the Bank of Ireland staff pension fund for an all cash payment of €115m.

Property firm Green REIT reports net profits of €43m

/in , ,

Green REIT Plc today announced its results for the period from incorporation on 24th June 2013 to 30th June 2014 which reported a pre-tax profit of €43 million for its first year of operation, as it re-valued its portfolio upwards by approximately €36 million.

In the 12 months to June 30th 2014, Green Reit reported total passing rents of €28.5 million, an investment income yield of 7%, and a dividend of 0.92 cent.  Over 73% of the assets are in offices, 17.5% in retail, 3.6% in development land, 2.4% in industrial and 3% in other investments.

Reit said that it has a further €322 million to invest into new opportunities.

Please view full report – Preliminary Results for the period to 30th June 2014

New type of loan for small businesses

/in , ,

The network of Local Enterprise Offices (LEOs) has joined forces with Microfinance Ireland (MFI) and launched a new type of loan support aimed at Ireland’s small business community called ‘LEO Microfinance’.

Start-ups and small businesses which employ fewer than 10 people can now apply directly to any of the 31 LEOs around the country for the new loan package. It offers loans of between €2,000 and €25,000 at a reduced rate of interest of 7.5% as opposed to 8.5% on a standard loan rate with flexible repayment options. It is expected that up to 250 new applications for the loan support will take place this year alone. Based on an average loan size of €15,500, this would mean €3.8m in lending.

For more information visit www.microfinanceireland.ie

Retail Warehouse Units For Sale – Barrow Valley Retail Park, Carlow

/in , , , ,

Barrow Valley Retail Park have 9 retail warehouse units for sale on the instructions of the Joint Receivers Michael Madden and Michael Coyle.

Units are available individually or as a single lot.

The units for sale extend to approximately 56,165 sq.ft on ground with mezzanine accommodation of approximately 18,435 sq.ft which forms part of a modern retail park scheme of 20,000 sq.m anchored by the only Dunnes Stores in Carlow. High profile location with over 500 metres frontage to the N80 Northern Relief Road and over 500 car parking spaces. Easily accessible, convenient location 2km from Carlow Town Centre.

Retail occupiers include Lifestyle Sports, Hughie Doyle Furniture, Tenants t/a The Ivy Rooms and Tyndall Clinic and Pharmacy. Leisure occupiers include The Talbot Hotel (80 bedrooms) and The Dome Leisure Centre. Motor occupiers include Ford Motors, Mitsubishi Motors and Meridian Motors.

For more information please contact Cian McMorrow on 01 6477900

View Online Brochure

View Related Listing

Six Irish shopping centres to be offered in Project Spectrum

/in , , , ,

There are six Irish shopping centres to be offered for sale in a single lot by Lloyds Banking, named the Spectrum portfolio, in a further move to recover some of the development loans granted by Bank of Scotland Ireland.

Joint agents Bannon and Savills are quoting €120 million for the shopping centres at Douglas in Cork, Quayside in Sligo town, Bloomfields in Dún Laoghaire, Co Dublin, The Mill in Clondalkin, Dublin 22, Kilbarrack in Dublin 5 and Dundalk Retail Park in Co Louth. The sale also includes a rented three-storey office building in Clondalkin and 30 acres of development land adjoining Dundalk Retail Park.

The Spectrum portfolio’s seven assets produce approximately €11 million of income, which at a sale price of €120 million would offering a net initial yield in the region of 9%.

The retail schemes include:

  • Douglas Court Shopping Centre, South of Cork City. WAULT, 7.64 years, 85% occupancy, annual rent: €3.9m
  • Dundalk Retail Park, Dundalk, Co. Louth. WAULT, 8.32 years, annual rent: €2.46m
  • Quayside Shopping Centre, Sligo Town. WAULT, 3.97 years, annual rent: €1.28m
  • Bloomfields Shopping Centre, Dun Laoghaire, Co. Dublin. WAULT 7.2 years, annual rent: €852.2m
  • The Mill Shopping Centre, Clondalkin, Dublin 22. WAULT 10.9 years, annual rent: €1.29m
  • Kilbarrack Shopping Centre, Dublin 5. WAULT 11.79 years.  Annual rent: €721m
  • A State let office block opposite The Mill Shopping Centre on Ninth Lock Road, building let in its entirety to Dublin City Council and the OPW. WAULT, 5 years, annual rent: €451.5m.

First round bids are called for 10th October, with second and binding bids expected three weeks later before closure with the winning bidder slated for mid-November.

For further information please contact Rod Nowlan of Bannon on 01 6477900

The Spectrum portfolio, renamed from the portfolio’s original name of Project Thomond after peripheral Limerick assets were removed.

Hibernia Reit acquires Forum building in IFSC

/in , , ,

Hibernia REIT has announced a deal to buy The Forum building in Dublin’s IFSC from an affiliate of Atlas Capital Group for a price of €37.8m in an off-market transaction.

Constructed in 2003, the building is situated on Commons Street and comprises 47,109 square feet of office accommodation over two floors above four floors of car park space. The offices are fully let to Depfa Bank on annual rent of €40 per sq. ft. on leases which expire in 2029, with options to break in 2019. The total passing rent from the offices, together with 50 parking spaces also let to Depfa, is €2m per annum. The remaining 320 car parking spaces are currently utilised by Park Rite, paying €675k per annum, on a lease that has formally expired. Lease discussions are on-going with the tenant.

The Forum is Hibernia’s tenth acquisition since listing. The deal is expected to be completed in late 2014.

View Source

REIT acquires €130m credit facility with Barclays

/in ,

Property investment company Irish Residential Properties REIT plc (Ires Reit) has entered into a two year €130 million credit facility arranged by Barclays Ireland, secured against the company’s assets, which will allow the company to grow and achieve its investment goals.

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

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

View Source

Shelbourne Hotel acquired by US property investment group

/in , ,

The Shelbourne Hotel has been acquired by US property investment group Kennedy Wilson, which is planning to invest millions of euro into the business to build on its status as the top five-star hotel in Dublin. This will include a facelift for the hotel’s facade, which is considered a “priority project”. Plans are also being developed to add a hair and beauty salon to its existing spa facilities, and to refurbish its 19 suites and public areas.

Ownership of this prized asset has switched from Jerry O’Reilly and John Sweeney, the remaining owners from a consortium that acquired the hotel in 2004. Other members of the consortium included Bernard McNamara, who was recently declared bankrupt in Britain.

The receivership has no impact on the operation of the hotel, with all sums owed to staff, trade creditors and the Revenue Commissioners to be paid in full by the new owners.

View Source

€6m for Grade A North Park offices in Dublin 11

/in , , ,

Agents Katie Williams and Rod Nowlan of Bannon are guiding €6.2 million for an office investment at the entrance to the North Park on the North Road in Dublin 11 which will show a return of 8% with an opportunity to better that figure on letting vacant space and completing rent reviews.

The J5 Plaza extends to 5,834 sq.m (62,796 sq.ft) excluding basement which has 252 car parking spaces. The investment is currently producing €518,465, with 77% of it coming from the HSE.

Deutsche Bank pays €145m for €400m Project Spring portfolio

/in , ,

Deutsche Bank has won a portfolio of €400 million worth of property loans linked to the developer Gerry Conlan from the National Asset Management Agency (Nama).

Project Spring includes loans secured on several prominent buildings in Dublin city, including several attractive redevelopment opportunities. It includes loans attached to an office block on Wilton Terrace near Leeson Street bridge, the Central Hotel on Exchequer Street, the Newhall Retail Park in Kildare, prime London city offices, and a development site near Britta’s Bay in Wicklow. Project Spring’s annual rent is circa €8m.

View Source

Society of Chartered Surveyors - SCSI Ireland

Address

Hambleden House
19-26 Pembroke Street Lower
Dublin 2
D02 WV96
Ireland
»Map

Contact Us

Phone: +353 (1) 6477900
Fax: +353 (1) 6477901
Email: info@bannon.ie