Commercial Property

Property investor IPUT pays out €102.5m dividend to shareholders



The Wilton Park development
Gallery 1
The Wilton Park development

IPUT, one of Ireland's largest institutional property investors, has paid a full-year dividend of €102.5m to its shareholders in respect of 2020.

This is down slightly on the prior year when the company returned a dividend of €106.7m.

IPUT, which is the largest owner of offices in Dublin reported 97pc rent collection for the year, despite the uncertainty caused by the Covid-19 pandemic.

It is understood the shortfall in rental recovery year-on-year mainly reflects challenges in the retail sector, and IPUT has supported a number of tenants who are managing the impact of the pandemic on their businesses.

Its 2020 year-end contracted rental income is €122m, according to annual results from the group.

IPUT said its portfolio value is €2.9bn, with 97pc occupancy at year-end and a weighted average unexpired lease term (WAULT) – that is the average time left on its leases – of six and half years.

Niall Gaffney, chief executive, IPUT Real Estate, said: “We delivered a resilient performance for 2020 despite an uncertain market environment.

This resilience, and the quality of our portfolio, is clear in our rental recovery of over 97pc resulting in a cash dividend of €102.5m for our shareholders.”

The company said 84pc of its development pipeline is pre-let, which will increase its contracted rent to €160m over the next three years.

Just under 20pc of the IPUT portfolio is currently non-income producing, as this element is land and buildings under development.

During the year 15 rent reviews on 309,000 sq. ft. added additional €2.35m to its rent roll.

In May last year IPUT increased its revolving credit facility by €50m to €300m. It also raised an additional €200m in the United States private placement market earlier in 2020.

IPUT received planning permission for the redevelopment and extension of two city centre office buildings extending to 220,000 sq. ft last year.

The company said its flagship office project at Wilton Park “progressed well.”

One Wilton will be completed this summer, with the remaining three buildings on target to complete in 2023. All four buildings, comprising 580,000 sq. ft., are fully pre-let to LinkedIn.

It also started on its first greenfield logistics development at Aerodrome Business Park to deliver 120,000 sq. ft. facility in the second half of this year.

Looking to this year Mr Gaffney said the company’s focus will be “to continue to re-position and futureproof our offices – investing in our estate to build-in long term resilience by ensuring that workplaces become more sustainable and attractive places for all our stakeholders.”

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