AMSTERDAM: Property fund IPUT is seeking to raise up to €500 million from institutional backers to invest in retail and logistics over the next 12 months, according to its chief executive, Niall Gaffney.
The regulated investment fund told shareholders this week its total value stood at €1.4 billion at the end of 2014, a gain of 37.1 per cent on 2013. It paid a €41.57 dividend per share, in line with previous payouts to stakeholders.
During 2014, it bought law firm A&L Goodbody’s offices on Dublin’s north quays. On the other side of the Liffey, it purchased One Grand Canal, home to consultancy Accenture, and the nearby Riverside 2 office block. Mr Gaffney said IPUT plans to add further investments this year to bring its total value to about €2 billion. “Over the next 12 months we are aiming to add another €400 million to €500 million and we would see that going into retail and logistics,” he noted.
The firm intends raising the cash from institutional backers such as pension funds, life assurers and sovereign wealth managers. In 2014, German group Allianz put €140 million into the fund, while it also brought British insurer Aviva and Netherlands-based CBRE Global Investors on board.
IPUT believes the next recovery will be in prime retail properties, as consumer confidence returns on the back of an improving jobs market. Mr Gaffney suggested the sector is giving similar signals to those given by office investments two years ago.
The fund owns the Park in Carrickmines in south Dublin and the Pavilion complex in Swords. Mr Gaffney argued there is now limited supply of space, while a number of players are looking to open stores.
