Property fund Iput pays out €102.5m dividend to shareholders

Portfolio, which includes LinkedIn’s new HQ, valued at €2.9bn at year-end

Properties in Iput’s portfolio include the Tropical Fruit Warehouse in Dublin’s Docklands

Properties in Iput’s portfolio include the Tropical Fruit Warehouse in Dublin’s Docklands

 

Irish property investment group Iput collected 97 per cent of rent due last year despite the Covid crisis, resulting in a cash dividend of €102.5 million for shareholders.

The fund said its portfolio was worth €2.9 billion at year-end with 97 per cent occupancy.

Iput reported 2020 year-end contracted rental income of €122 million and said its development pipeline is 84 per cent pre-let, which will increase contracted rent to €160 million over the next three years.

Chief executive Niall Gaffney said the group delivered a resilient performance despite an uncertain market environment. He said Iput’s focus this year would be on re-positioning and future-proofing offices.

“As the largest owner of offices in Dublin, we recognise that we have a role to play in reinvigorating our city and its neighbourhoods in a post-pandemic world, a recognition that has inspired an increased focus on placemaking,” he said.

The fund last year secured a revolving credit facility of €300 million from Wells Fargo Bank, of which €200 million was for green projects.

Properties in Iput’s portfolio include the Tropical Fruit Warehouse in Dublin’s Docklands and LinkedIn’s new European headquarter campus at Wilton Park in Dublin 2.