We are Dublin’s leading property investment company
We pride ourselves on providing the very best workplaces in Europe - not just for our shareholders and occupiers, but also for our neighbours, our city and our planet. We look on every investment and development project as an opportunity to add joy and vibrancy to the daily lives of the people who work there, and positively contribute to the wider local community by regenerating and revitalising our city.
Our strategy is to remain focused on repositioning towards sectors and locations that offer the best long-term return prospects for our investors.
John F. Mulcahy, Chairman
Key financials
As at 31 December 2023
%
Rent collection
€
Dividend per share (+4.7% y-o-y)
€
bn
NAV (31 Dec)
+€
m
New income secured
-
%
Total shareholder return
€
bn
Portfolio value (31st Dec)
€
m
Dividend paid
€
m
Contracted rent
%
Annual dividend yield
Income and dividend resilience were the key to our performance
Despite the macroeconomic backdrop and the interest rate-fuelled capital value movements in our sector during 2023, we achieved full rent collection, added €6.5 million in new rental income, and paid a dividend of €107 million, all while maintaining one of the lowest loan-to-value rates in the industry.
Key achievements
Key achievements
€20 million
Extensive upgrading of One Grand Canal Square and Styne House.
Key achievements
32,000 sq ft
Pre-let to global professional services firm, Aon Ireland at Fifteen George’s Quay.
Key achievements
One Wilton Park
LinkedIn took possession of 150,000 sq ft.
Key achievements
Net zero logistics
Completed and pre-let our first net zero logistics building at Quantum Logistics Park.
Key achievements
New lettings
Five new lettings signed in our ‘Making it Work’ flex offering.
Key achievements
Awards
Won ‘Property Manager of the Year’ for the second year running and a Business to Arts award for Best Large Sponsorship for the Living Canvas initiative.
Key achievements
Making Better
Hosted ‘Making Better’ conference to an audience of over 200 professionals at Two Wilton Park.
Key achievements
€290,000
Raised for the Simon Community in 2023, bringing total raised since 2020 to €930K.
Key achievements
New podcast series
Launched our ‘Shaping our City’ podcast series.
Key achievements
116,000 trees
Acquired 125 acres to create our own carbon offsets through planting over 116,000 native Irish trees in Ireland, which will support the sequestration of 12,500 tonnes of carbon.
People
With every new design, development, or management project IPUT embarks on, there’s one fundamental question we ask ourselves at the outset: How will it make people feel?
Our investors
We manage assets and generate returns on behalf of a range of domestic and international investors. We never forget our primary responsibility to deliver for all the people who invest directly and indirectly in our Fund.
Our occupiers
Our occupiers include many of the most innovative and influential domestic and global companies operating in Ireland. They trust us to create exceptional and sustainable office, logistics and retail spaces which prioritise the wellbeing and happiness of their workers and empower them to achieve their business goals.
Our communities
Our buildings impact on the daily lives of 1.5 million Dubliners. We are determined to ensure that this impact will be a positive one, and that we can continue to win the trust of the wider community through our regeneration of neighbourhoods, investment in public amenities, and promotion of new artistic, cultural, and environmental initiatives. We see every new development as an opportunity to benefit our city and to showcase its unique appeal globally.
Our team
The calibre and diversity of our people, overseen by a proven and highly experienced Board, is one of the key factors in our success.
We are an operational real estate business, with in-house expertise in development, transactions, planning, valuations, marketing, research, and sustainability. This enables an agility and dynamism which sets us apart and creates a reputation that allows us to attract and retain the best talent.
Each team member, from our senior leadership to our newest recruit, makes an important contribution to IPUT’s success. The combined skills, experience, passion, and energy of our people underpins our ability to maximise shareholder returns and act as effective custodians of our city.
Places
75 exceptional spaces, one vision.
IPUT owns the largest, prime office and logistics portfolio in Dublin
This gives us the unique opportunity to raise standards for design, occupier experience and sustainability, and in so doing to shape the city around us to the benefit of everyone who works, lives and socialises here.
Our continued leadership in these areas enables us to attract high calibre occupiers who not only deliver the most consistent long-term investment returns for our shareholders, but also significantly contribute to our nation’s economic performance and job creation numbers.
Places
Quantum Logistics Park
Unit 2 was completed and handed over to retailer Harvey Norman towards the end of 2022. Our focus during 2023 was on the completion of the remainder of the scheme and handover of units to occupiers.
Unit 1, pre-let to logistics company DHL, reached practical completion during Q1 2023. Meanwhile, Units 3 and 4, pre-let to global logistics integrator Maersk, completed during Q2, meaning the entire scheme became fully operational during the year.
Places
Nexus Logistics Park
In early 2023, we obtained planning permission for Phase 1 at Nexus Logistics Park, a five-unit scheme totalling 795,000 sq ft. Towards the end of the year, we obtained planning for Phase 2, a further 12-unit scheme totalling 1.7 million sq ft.
Places
Wilton Park
Our development at Wilton Park is a key showcase for our Fund - a scheme of which we are extremely proud. A sustainable city development centred around a one-acre park that breathes new life into one of Dublin’s most historic communities.
Following several years of site assembly, development and delivery, our ambition for this iconic scheme will come to fruition this year as the final pieces of the development come together.
Places
25 North Wall Quay
Over the course of the last year, we have made great strides in the redevelopment of 25 North Wall Quay - the first net zero office development in our portfolio.
This project increases the net internal floor area of the original office building by 35% through the addition of two new floors. It is targeting LEED Platinum, WELL Gold and a BER A3 rating.
Places
Fifteen George's Quay
The project is an innovative redevelopment of a prime city centre office into a contemporary and sustainable building fit for the future of the workplace. Work continued on this scheme throughout 2023 and we are on target to achieve practical completion in Q2 2024. We secured a pre-letting of 32,000 sq ft to global professional services firm, Aon Ireland during 2023.
Places
Carrickmines Park
Carrickmines Park is Ireland’s most successful retail park. The south Dublin mixed use scheme is home to leading office occupiers and a host of internationally recognised retailers including Harvey Norman, TK Maxx, IKEA, Curry’s, Halfords, Next, Sports Direct and Smyth’s.
Other developments during the last year include lettings to Therapie and Krispy Kreme as well as the completion of a new amenity block and café.
Performance
We focus on maintaining the stability of our income, and driving superior performance for our investors.
Delivering on our strategic objectives
Our long-term strategic objectives are fundamental to how we operate.
They enable us to deliver exceptional workspaces for our occupiers which in turn support jobs and economic performance.
They enable us to continue to lead by example from a sustainability perspective and to play a positive and proactive part in contributing to our city and to society whilst never losing sight of delivering the best possible returns for our investors.
Our strategic objectives
1. Greening our portfolio
Our ambition is to be one of the greenest office funds in Europe. Sustainability is not just a thematic thread for us. It is in our DNA.
Being awarded a 5-star GRESB rating for the second year in a row in 2023 clearly demonstrates our commitment to excellence in greening our portfolio and leading by example in terms of our approach to sustainability.
During 2023, we updated our Responsible Investment Strategy – setting progressive targets for the next 3 years that build on our work to date, but continue to push best practices across climate action, resource efficiency and social value pillars.
Our strategic objectives
2. Increasing our exposure to logistics
The logistics sector plays a particularly key role in enabling economic activity on our island. Well-located, modern, sustainable facilities such as our landmark scheme at Quantum Logistics Park, which we completed in 2023, are critical to support a range of activities including manufacturing, transport, and distribution.
We are delighted to have secured our future development pipeline by obtaining planning permission for two phases of development at our next scheme at nearby Nexus Logistics Park.
Our strategic objectives
3. Growing our flex office offering
We launched ‘Making it Work’ our flexible managed platform in 2022. It now extends to almost 46,000 sq ft across seven spaces and is fully occupied. Our ambition is to increase it to 5% of our office portfolio by 2025.
During 2023, we added two new locations to the platform and welcomed five new occupiers.
Our strategic objectives
4. Enhancing the occupier experience
We care about the experience of occupiers within our buildings and the communities in which these buildings are situated. We constantly strive for better and take our responsibility as building developers, owners, and managers seriously. We see our role as going beyond the responsibilities of a traditional landlord – hosting events and building partnerships in order to create and foster a sense of community for those working in buildings within the IPUT portfolio. During 2023, we hosted more than 10 events in various locations in the portfolio.
Our strategic objectives
5. Creating a space for culture
We are passionate about facilitating and cultivating art, culture, and creativity in every way we can. Throughout our office, logistics and retail portfolio, we support and showcase Irish artists and creators – commissioning sculptures, paintings and installations that stimulate and sustain our occupiers and those who live, work, and socialise in the neighbourhoods in which our buildings are located.
During 2023, our ‘Living Canvas’ screen at Wilton Park – one of the world’s first outdoor digital screens dedicated to exclusively showcasing artistic and cultural talent – won an award for the ‘Best Large Sponsorship’ in the 2023 Business to Arts awards.
Thought leadership
During 2023, members of the IPUT team participated in a variety of leading industry events and conferences to build awareness of our business, share expertise and gain learnings.
Portfolio overview
As at 31 December 2023
No. of assets
m
Total portfolio size (sq ft)
Tenancies
%
Occupancy
yrs
WAULT
€
bn
Portfolio value
Acquisitions and disposals
Acquisitions
During 2023, our only acquisitions were strategic land acquisitions. These included the acquisition of a 7.8-acre site at Damastown, Dublin 15 to facilitate future expansion of an existing building, and the acquisition of 125 acres of farmland to facilitate the creation of our own carbon offsets.
This will enable us to plant more than 116,000 native Irish trees, which will support the sequestration of 12,500 tonnes of carbon.
Disposals
In line with our strategic plan to dispose of smaller non-core assets, we made a number of disposals during the year.
In total, we generated income of €171.9 million from disposals which is a strong outcome considering the challenging market conditions. A further €34.7 million was contracted at year-end.
