Niall Gaffney, our Chief Executive reflects on some of the highlights and looks forward to 2020.
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.
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.
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.
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.
Purchase price: €95m We acquired Phase 2, consolidating our ownership of Carrickmines Park in south Dublin while reducing our exposure to co-owned assets.
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.
