Wednesday 20 September 2017

IPUT sees net asset value climb 75pc in a year

IPUT owns a host of buildings around Dublin
IPUT owns a host of buildings around Dublin
Peter Flanagan

Peter Flanagan

Property firm IPUT says there are "more opportunities" for purchases this year, as the company reported net asset value nearly doubled in a year.

The company is one of the biggest real estate firms in the country, owning a host of buildings around Dublin in particular.

At its annual general meeting yesterday, company chairman Frank Close said the market for commercial property in Dublin remained strong.

"IPUT secured a significant amount of new capital during 2014, equating to €358m and this new capital, when combined with our existing cash resources, enabled us to deploy €389m in a timely acquisition programme which included a number of 'off-market' transactions," Mr Close said.

"As a consequence, the Fund's NAV increased from €795m at beginning of January 2014 to €1.39bn at end of December 2014," he added.

"It also enabled us to generate a dividend return of 5.73pc on the average NAV for our shareholders in the form of a dividend of €41.57 per share."

This was IPUT PLC's first AGM. The company was set up 18 months ago to succeed Irish Property Unit Trust.

Irish Independent

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