2019 was another big year for IPUT

Niall Gaffney, our Chief Executive reflects on some of the highlights and looks forward to 2020.

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The twin forces of change

As we enter a new decade, it is clear that the centre of gravity has shifted in real estate, with the twin forces of climate change and rapid advances in technology now driving our industry. These transformational shifts demand new thinking to ensure that the real estate industry continues to deliver buildings that remain physically resilient and socially relevant for occupiers, local communities and cities.

We paid a dividend per share of €46 for 2019. This represents an increase of almost 3% on the prior year and a net yield to investors of 4.2%
John F. Mulcahy, Chairman

A record year

sq ft
Wilton Park Estate offices fully pre-let to LinkedIn
€ m
New lease income generated in 2019
€ m+
Committed to acquisitions
€ m
Disposals
+ %
Increase in net rental income
%
Dividend yield
€ m
New equity
€ m
Secondary trades
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2019 Annual Report

Highlights of the year include the pre-let of the entire office development at Wilton Park to LinkedIn; further progress on our sustainability journey, including a range of new environmental targets, and becoming the first Irish property company to sign the UN Principles for Responsible Investment.

Download annual report

Positioned to perform

%
International shareholder base
€ m
Secured available funding
sq ft
Onsite development pipeline
€ m
Additional projected rent roll
€ m
New investment in 2019
€ bn
New equity over past 5 years
sq ft
Planning permit at Carrickmines
sq ft
Development pipeline pre-let
h
Delivered in 2019

Regenerating offices

  • 235,000 sq ft of LEED Platinum offices under construction
  • Planning received for 430,000 sq ft of LEED Platinum offices
  • Acquired Pearse Street portfolio and  contracted No.3 Dublin Landings, totalling 160,000 sq ft of prime Dublin offices
h
Delivered in 2019

Strengthened logistics

  • Acquired 202,000 sq ft of prime logistics assets in Dublin
  • Planning received for 280,000 sq ft of high bay logistics space
  • Acquired 47 acres of zoned land with potential for 900,000 sq ft of logistics
h
Delivered in 2019

Repositioned retail

  • Disposal of interest in Pavilions Shopping Centre for €71 million
  • Acquired two prime retail park assets in Dublin and Cork
  • Planning received for 650,000 sq ft mixed-use scheme at Carrickmines Park
h
Delivered in 2019

Securing income

  • Pre-let of Two, Three & Four Wilton Park adding a further €24 million to income stream over 3 years
  • 24 lease agreements completed in 2019 securing €31 million of income
  • WAULT of 11.6 years on new leases
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Delivered in 2019

Responsible investment

  • First Irish property company to sign up to UN Principles for Responsible Investment
  • Investment in public realm including new park openings at Earlsfort Terrace and Wilton Park
  • 1.6 million sq ft potential office and logistics assets targeted for LEED Gold or Platinum

2019 Acquisitions

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No.3 Dublin Landings, Dublin 1

Purchase price: €115m

The headline transaction for the year was the off-market acquisition of No.3 Dublin Landings on Dublin’s North Quays for €115 million. This transaction, announced in December and completed in 2020, represents a significant addition to IPUT’s prime CBD office portfolio.

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Pearse Street portfolio

We added to the CBD portfolio with the acquisition of 51-54 Pearse Street and Magennis Court. These acquisitions further consolidated our position as Dublin’s largest office owner and support the ongoing modernisation of our building stock.

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Phase 2, Carrickmines Park

Purchase price: €95m

We acquired Phase 2, consolidating our ownership of Carrickmines Park in south Dublin while reducing our exposure to co-owned assets.

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Logistics acquisitions

Purchase price: €40m

IPUT acquired two prime logistics assets in addition to a 47-acre landbank located in prime locations next to Dublin Airport and the well-established Aerodrome Business Park, for a total of €40 million. Following these acquisitions IPUT is now the largest owner of logistics assets in Dublin with 2.4 million sq ft under management.