IPUT sees net asset value climb 75pc in a year
Published 01/05/2015 | 02:30
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.