Friends First Irish Commercial Property Fund

You don't have to own property to invest in it.

Fund Highlights*

  • Minimum investment €10,000;
  • No maximum investment limit;
  • No exit fees on first €100,000 invested;
  • Initial Property income yield 5.26%;
  • 16% property value growth over 2015 on a like for like basis, excluding sales/purchases;
  • Low vacancy rates circa 4.6%;
  • Average Return 7.49% per annum since 1984;
  • Most of the property portfolio is in Dublin;
  • Strong retail orientation.

* All figures as at 29th January 2016

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  • The Fund is well placed to benefit from the expanding economy and resultant improving property market due to the Fund’s exposure to the retail sector(currently 44%,increasing to 52% when transactions "at contracts" are completed);
  • With retail poised to expand in 2016-2018, as consumer confidence is at its highest since 2006, the Fund is uniquely positioned to benefit from its 44% allocation to retail assets. Already the 12 month performance of the Fund is in the top decile, driven by its strong retail focus;
  • Recent acquisitions include the remaining 50% of Royal Hibernian Way (off-market,by way of a pre-emption right) and a retail asset in Balbriggan with c.18years unexpired to Bank of Ireland, and a vacant office asset in Sandyford with a value-add strategy;
  • A multi-let retail park in Kilkenny is currently at contracts.It has a WALT of c.12years and includes tenants such as Woodies, Halfords,Petmania and Carpet Right;
  • The Fund has contracted to acquire a vacant office in Dublin4, a location which is very popular at present given the lack of available space in Dublin city centre;
  • The prime office market in central Dublin has experienced significant capital appreciation, through both yield compression and rental growth, in the last 18-24 months. Both tenant and investor demand are now starting to expand beyond Dublin city centre, to suburban offices and select region allocations(Cork, Kilkenny and Galway). The Fund is primed to take advantage of this emerging shift in appetite, with existing office investments in Ashtown, Blackrock and Elm Park, together with the recent acquisition in Sandyford and the upcoming acquisition in Dublin 4.
Sector Allocation
Fund Sector Allocation
  • Retail focussed portfolio positioned to benefit from retail growth and increased consumer confidence and spend;
  • Overall fund size €292.6m;
  • Property portfolio size: €230.6m;
  • Annual Rental income: c. €12.7m;
  • Initial Income yield: 5.26%;
  • Equivalent yield: 5.51%;
  • Low vacancy rate c. 4.6%;
  • WALT 8 years 5 months
  • 54.8% of income contracted for 10 or more yrs

Main Properties in the Fund

PropertyTenant(s)
60/61 Grafton Street, Dublin 2 TDS Disney Ireland Ltd (Retail)
1 St Stephens Green, Dublin 2 Reiss Ltd (Retail)
3 St Stephens Green, Dublin 2 Oasis Fashions Ireland Ltd (Retail)
5 St Stephens Green, Dublin 2 Oasis Fashions Ireland Ltd t/a Coast (Retail)
7 Anne's Lane, Dublin 2 Private storage tenant (Retail / Industrial)
Block D Ashtown Gate, Dublin 7 Commission of Public Works (Office)
Blackrock Shopping Centre Supervalu (Musgrave Group), AIB plc a nd others (Retail)
Carroll Village (Anchor Store ), Dundalk Vacant (Retail)
24/26 Dublin Rd, Balbriggan Bank of Ireland (Retail)
15 Duke Street, Dublin 2 Smash Lab Limited (Retail)
Duke House, Duke Street, Dublin 2 Alias Tom and others (Office)
Elm Park, Merrion Road, Dublin 4 Willis with sub - lease to Wipro (Office)
Enterprise House/Trident House, Blackrock, Dublin Zurich Life Assurance Co Ltd and others (Office)
8 Lemon Street, Dublin 2 Paddy Power (Retail)
Unit 100 Northwest Business Park, Ballycoolin Wincanton Ireland Ltd (Industrial)
37 Patrick Street, Cork Pandora (Retail)
Pavilions Shopping Centre (Anchor Store ) Supervalu (Musgrave Group) (Retail)
Pelham House, Sandyford Vacant – refurbishment project (Office Development)
Royal Hibernian Way (Office),Dawson Street, Dublin 2 Davy Research and others (Office)
Royal Hibernian Way (Retail),Dawson Street, Dublin 2 Multi Let, Fitzers (T/A Marco Pierre White) and others (Retail)
Unit 48 Sandyford Industrial Estate, Stillorgan Jaguar Daimler (Ireland) Ltd (Industrial)

Fund Key Features

Property Fund Key Benefits

Vacancy Rates

Fund Vacancy Rates

Irish Property Market Overview

  • Total of €3.5 billion of property investment transactions were traded in 2015 across Ireland with over €1bn of that sum invested from indigenous investors
  • US and European investors (especially German institutions) were particularly active over the course of the year in terms of acquisitions
  • There are an increasing number of transactions in regional and non–prime locations as investors seek better opportunities for capital value growth
  • The Irish retail market continues to perform well with an established improvement over 2015 and into 2016
  • Retail spend appears to have strengthened with scarcity of prime retail units becoming an issue in the sector as retailers look to expand; along with the emergence of new entrants to the market
  • The industrial market experienced the highest level of take up on record with over 425,000 sq.m occupied over 2015
  • Activity within the prime office market continues to remain strong with rents expected to reach €65 per sqftin the short term.
  • The Fund is well placed to benefit from the expanding economy and resultant improving property market due to the Fund’s exposure to the retail sector (44% at present, increasing to c.52% when contracted transactions complete)

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10 Quartz Building, Elm Park, Dublin 4
Value-add office investment
  • 59,000 sq. ft. high - specification, seven storey office block located in Dublin 4
  • Lease for 20 years (with break options) to Willis completed in Q3 2015.
  • Property now fully let resulting in improvements to vacancy rate in fund and capital value
10 Elm Park
Blackrock SC (Retail & Office)
Redevelopment Potential
  • Office and retail scheme in Blackrock;
  • Mix of Tenants;
  • Masterplan for site including retail shopping centre underway;

Blackrock SCBlackrock SC Proposed Redevelopment

Recent Acquisitions

Pelham House South County Business Park, Leopardstown - Vacant
Vacant - Strategy is to complete refurb project and re-let
  • Office building of 26,585 sq.ft built in 2004
  • Well Located;.
  • Three minute walk to Central Park Luas Stop in Leopardstown;
  • Surrounded by high profile occupiers, including Microsoft, Airtricity and ICON.
Pelham House
12 Dublin Road, Balbriggan, Co. Dublin
Bank of Ireland
  • 7,690 sqft retail bank in Balbriggan;
  • Long term lease with high quality covenant ;
  • Guaranteed rental growth with stepped rental increases at each review;


Bank of Ireland Ballbriggan
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About Cregan Kelly O'Brien

 

In 2007 Maurice Cregan and Colm Kelly established CK Financial Services to provide independent financial planning and advice to business owners and individuals. Tommy O'Brien, a General Insurance expert, then joined them in 2010, enabling them to meet the full financial needs of their clients. The group has since been renamed Cregan Kelly O'Brien.

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