Commercial Property

Monday 28 July 2014

Citywest property bought by IPUT

Tara Fitzsimons

Published 17/07/2014|00:00

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Former NAMA executive John Mulcahy is now a director with IPUT

IPUT has agreed terms to take over the Uniphar distribution centre in west Dublin in a €26.5m deal.

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The investment fund is taking the property over in a sale and leaseback deal which will see an initial yield of around 7.7pc.

This is the second major deal to be completed by IPUT in recent days. The fund had already agreed terms to take on a property on Henry Street in Dublin for around €3.5m.

Holland & Barrett are the occupants of the property at 27 Henry Street, which is generating a rental income of around €220,000 per annum.

IPUT have been very active in recent weeks.

It has spent €63m on two office blocks - one on Hanover Quay and another at the junction of Hume Street and St STephen's Green.

Apart from completing a number of deals, the firm has also been active on the recruitment front.

In June it emerged that NAMA's former head of asset management John Mulcahy had joined the IPUT board.

Mr Mulcahy, who is a former chief executive at Jones Lang LaSalle, joined NAMA back in 2009 and retired this year as head of asset management.

Since the property market collapse a slew of international investors like Blackstone and Lone Star funds have entered the Irish market.

IPUT is looking to capitalise on that trend and wants to have as much as a quarter of its investors from overseas by the end of the year.

Investor have spent close to €2bn on Irish commercial property in the first six months of 2014 and analysts expect that total to rise to between €4bn and €5bn by the start of next year.

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