Strategic Priorities

We have a clear strategy and have a number of strategic priorities based on this:

 

Progress 2015/16:

Priority 2016/17:

1

Delivery of development projects

  • We completed 213 residential units at Block 3, Wyckham Point in Dundrum in the financial year, delivering a profit on cost of over 30%
  • Shortly after financial year end we completed the refurbishment of One Dockland Central and the conversion to offices of SOBO Works, both delivering profits on cost at completion in excess of 30%
  • Making progress with the four committed schemes under way, all of which have completion dates over the next 24 months

2

Increase rental income of portfolio

  • Contracted rent increased in the financial year to €39.0m from €22.7m at March 2015
  • Passing rent increased in the financial year to €30.0m from €19.3m at March 2015
  • Drive further increases in rents through new lettings and rent reviews

3

Deploy further capital into selective acquisitions

  • Invested €179m in 9 acquisitions in the financial year, primarily in Dublin city centre offices
  • Further selective acquisitions where we expect our returns criteria to be met

4

Recycle capital by selling assets where forward returns are not expected to meet our targets and reinvesting elsewhere

  • No investment assets disposed of in financial year although a 50% interest in the Windmill Lane site was sold to form a joint arrangement upon the exercise of an option by an affiliate of Starwood
  • Sold the majority of the remaining non-core assets acquired as part of the Dorville loan portfolio acquisition. In total 49 properties sold in financial year, generating proceeds of €16.7m and profits of €2.1m
  • Sale of assets where forward returns not expected to meet our targets

5

Enhance balance sheet efficiency

  • Moved from net cash position of €139m at 31 March 2015 to net debt position of €53m at financial year end, equating to a loan to value ratio of 5.7%
  • Continue to utilise our committed debt facilities where investment opportunities arise which meet our criteria, moving our loan to value ratio towards our through-cycle target of 20-30%