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  • ESB Pension Fund transfers investment properties to IPUT
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Mar 7, 2012 - 10:13

ESB Pension Fund transfers investment properties to IPUT

The MyHome Newsdesk
By The MyHome Newsdesk
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ESB Pension Fund transfers investment properties to IPUT

The ESB Pension Fund has transferred ownership of €70 million worth of investment properties to IPUT (Irish Property Unit Trust), according to a report in today’s Irish Times.

Under the new arrangement the pension fund will become one of the major stakeholders in the trust, which manages property investments for a range of pension funds worth around €445 million.

The ESB Pension Fund is one of the largest in the country with total assets of close to €3 billion. The decision to swop seven property investments producing a rental income of €8 million for units in the trust will allow the ESB fund to benefit from a wider mix of properties, particularly modern office investments in Dublin city centre.

IPUT has 55% of its assets tied up in the core Dublin office market which is expected to offer enhanced returns in the medium term due to the fall off in speculative developments.

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Niall Gaffney, chief executive of IPUT, told the Times that their revenues had held up well and he anticipated paying investors a net income yield for 2011 of just over 8%.

The highest value property in the ESB fund is the BT2 store in Grafton Street, which is valued at around €20 million.

Read the full article in The Irish Times here.

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  • Tags
  • BT2
  • chief executive
  • Dublin City Centre
  • ESB
  • Grafton Street
  • IPUT
  • Irish Property Unit Trust
  • Irish Times
  • Niall Gaffney
  • property investments
  • rental income
The MyHome Newsdesk
By The MyHome Newsdesk
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