Monday 17 December 2018

Net value of Iput property assets up 1.5pc to €2.33bn

The Pavilions Shopping Centre, Swords
The Pavilions Shopping Centre, Swords
Ronald Quinlan

Ronald Quinlan

The net asset value (NAV) of Ireland's largest unlisted property vehicle, Iput, grew by 1.5 pc in the first three months of this year, and now stands at €2.33bn.

In its latest quarterly update, which it released yesterday, the company said that the capital value of it office, retail and logistics portfolio continued to grow.

Iput said the increase in the value of its assets had been "largely due to specific activities" it had undertaken itself.

These activities included the completion of the company's flagship development at 10 Molesworth Street, as well as leasing activity at two of its completed development projects, namely 72 Grafton Street and The Exchange building in the IFSC.

The company said that rental values had increased marginally by 0.3pc in the three-month period to the end of March, with the largest estimated rental value (ERV) increases recorded in retail (+0.8pc).

Referring to the increased rental income from its retail portfolio, Iput said this had been driven mainly by its holdings at the Pavilions Shopping Centre in Swords, Co Dublin, and Carrickmines, Dublin 18.

Irish Independent

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