Appian Burlington Property Fund - Irish Real Estate Investment Opportunity - Burlington Real Estate
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Appian
Burlington
Property
Fund
Irish Real Estate
Investment
Opportunity
Appian Burlington Property Fund i
Appian
Burlington
Property
Fund
Investment Policy Key Fund Information
’ Target assets are office, retail and industrial ’ Irish ICAV/QIAIF authorised by the
investment properties in Ireland Central Bank of Ireland
’ Risk mitigated by diversification across sectors: ’ A full prospectus is available from Appian
Sector Range
Office 30-50% ’ Open ended fund
Retail 30-50%
Industrial 0-20% ’ Minimum investment €100,000
’ Focus on greater Dublin area (80-100%) ’ 2 year lock in from date of investment
and regional urban centres (0-20%)
’ Independent valuation of portfolio with formal annual
’ Properties will be let on long leases to sound valuation and desk top quarterly valuations
financial covenants
’ Management fee of 1.35% of GAV or 2% of NAV
’ Maximum of 20% of portfolio subject to
active asset management at any time ’ Bank debt not to exceed 50% of market value of the
Fund’s gross property assets
’ Initially targeting properties in the
€5-15 million range ’ Income distribution share class available
’ Current properties in the fund are set out on
pages 1–6
Please read the legal regulatory and warning notices on inside back cover.
Fenward House, Sandyford, Dublin
’ Office investment ’ Initial net yield - 8%
’ 20,000 sq. ft. and 34 car spaces ’ Rent of €19 per sq. ft.
’ Let on 10 year lease from July 2015 ’ Market rents now over €20 per sq. ft.
and rising
Appian Burlington Property Fund 1
Bank of Ireland, Drogheda
’ Retail/commercial investment ’ Let to Bank of Ireland plc on a
’ Landmark building in town 25 year lease from 2006
centre location ’ 14 years remaining
’ 7,000 sq. ft. ’ Initial net yield – 7.1%
2 Appian Burlington Property Fund
Tuansgate, Tallaght Town Centre
’ 6 storey, Grade A office investment ’ Initial net yield – 7%
’ 39,510 sq. ft. and 103 car spaces ’ Rent of €11.30 per sq. ft. plus
’ Let to State agency (82%) and major €700 per car space
multinational (18%) ’ WAULT 7.7 years
Appian Burlington Property Fund 3
73 Patrick Street, Cork 74/75 Patrick Street, Cork ’ Retail investment in prime city centre location ’ Retail investment in prime city centre location ’ 4,166 sq. ft. ’ 8,385 sq. ft. ’ Let to Abrakebabra, Irish fast food multiple ’ Let to Sostrene Grene, a Danish retail multiple ’ Initial net yield – 6% ’ Initial net yield – 6% increasing to 6.25% in 2018 ’ Let on a 35 year lease from 1991, 8 years remaining ’ 15 year lease from 2016, break option in year 7 4 Appian Burlington Property Fund
Boroimhe Shopping Centre, Swords
’ Well established local centre with ’ 33,530 sq. ft. and 75 car spaces
10 retail tenants ’ Initial net yield – 7.8%
’ Super-Valu store as anchor tenant ’ WAULT 12.5 years
’ Tenants include crèche, gym and
health centre
Appian Burlington Property Fund 5Beaver House, Clonskeagh, Dublin
’ 29,500 sq. ft. 3 storey modern office ’ Initial net yield of 5.75% with strong
investment with 84 car spaces reversionary potential at rent review
’ Let to quoted US multinational (66%) in 2020
and 2 Irish private companies (34%) ’ WAULT 6–5 years
’ Rent psf ranging from €14 to €18.50
6 Appian Burlington Property FundAppian Burlington Property Fund Team
Investment Manager Investment Advisor
Appian Asset Management, established in Burlington Real Estate is a leading
2003, is a leading Irish asset manager providing independent property asset
investment management services to private management company founded by
clients, pension funds, charities and corporates. John Bruder and Niall Kavanagh in 2012.
Patrick J Lawless Kevin Menton Brian Cahalin John Bruder Niall Kavanagh
Chief Executive Officer Director Director Managing Director Property Director
Appian Asset Management Appian Asset Management Appian Asset Management Burlington Real Estate Burlington Real Estate
Appian Investments ICAV
Board
Legal Advisors
Mason Hayes & Curran
Eversheds Sutherland
Auditors
Grant Thornton
Valuation Agent
Cushman & Wakefield
Paul Halley, Patrick J Lawless, Declan Moylan, Kevin Menton
Appian Burlington Property Fund 7Irish Property Market
Good Value Attractive and Occupier Demand growing
improving income yields
’ Property capital values still down ’ Average income yield is 5.8% ’ Irish letting agents report upturn
on average 44% since the peak in across Irish commercial property in tenant activity both from local
2007* - despite recent recovery market* and international occupiers
’ Some sectors are fully priced – ’ Compelling income differential ’ Occupier demand recovery
eg. Dublin CBD office rents are given 5 year Bond yield of sub 1% commenced in central Dublin and
back to peak levels – ’ Sectors such as Dublin suburban spreading to main suburban and
but others offer value: office, suburban and provincial regional centres
— Dublin suburban office values retail, industrial – yield over 6% ’ Brexit demand likely to benefit
still below replacement cost ’ Average all-property rental Dublin property market though
— Prime provincial retail values up 2.7% in first 3 quarters uncertainty may slow investor
property rents are still over of 2017 – but still 26% below confidence
50% below peak peak* ’ Economic fundamentals
supportive of property recovery
Capital Value Growth Across Markets, 2007-2017
150
120
USA
90
UK
Index 2007 = 100
60
Spain
30
Ireland
0 Source:
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 MSCI Real Estate Analytics, Dec 2017
8 Appian Burlington Property Fund
*Source: MSCI/IPDLegal, Regulatory and Warning Notices
The information contained in this material is of the money you invest. The value of your
not financial advice and does not constitute investment may go down as well as up. This
a prospectus. Nor does it constitute an offer investment may be affected by changes in
or a solicitation of an offer for the purchase currency rates.
or sale of any financial instruments, trading
strategy, product or service. No one The investment policies on the inside front
receiving this material should treat any of its cover are the initial targets for the funds
contents as constituting advice. It does not portfolio and it Is not assured that the
take into account the investment objectives, portfolio will meet these targets.
knowledge, experience or financial situation
of any particular person. You should seek The information on pages 1-6 relating to the
advice in the context of your own personal properties in the fund portfolio is current as
circumstances prior to investing or taking at 1 March 2018. This information is subject
out any product from your own independent to change.
adviser. Nothing in this overview should be
considered as a recommendation by Appian References to past performance are for
or Burlington. illustrative purposes only and are not
a reliable guide to future performance.
This material has been prepared and issued Projected returns are estimates only.
by Appian Asset Management Limited Forecasted returns depend on assumptions
and Burlington RE Property Management that involve subjective judgement and on
Limited on the basis of publicly available analysis that may or may not be correct.
information, internally developed data and
other sources believed to be reliable. While Appian Asset Management Limited is
all reasonable care has been given to the regulated by the Central Bank of Ireland.
preparation of the information, no warranties Burlington RE Property Management
or representation, express or implied are Limited is authorised by the PSRA.
given or liability accepted by Appian Asset
Management Limited, Burlington Real Estate The Appian Burlington Property Fund is a
Property Management Limited or its affiliates sub-fund of the Appian Investments ICAV
or any directors or employees in relation to , and has been authorised by the Central
the accuracy, fairness or completeness of the Bank Of Ireland as a Limited Liquidity
information contained herein. Any opinion Qualifying Investor Alternative Investor
expressed (including estimates and forecasts) Fund. The fund is only open to Qualifying
may be subject to change without notice. Investors ( please see prospectus).
If you decide to invest in the Appian The above disclaimer and limitations of
Burlington Property Fund, further liability are applicable to the fullest extent
information in relation to all risks will be permitted by law, whether in Contract,
provided in the Fund Prospectus and Statute, Tort (including without limitation,
supplements. This is available from Appian negligence) or otherwise.
Asset Management Limited, 42 Fitzwilliam
Place, Dublin 2 or Burlington Real Estate
Limited, 45 Fitzwilliam Place, Dublin 2.
If you invest in the Appian Burlington
Property Fund, you may lose some or allFor further
information contact:
Kevin Menton Director
Appian Asset Management
42 Fitzwilliam Place, Dublin 2
Tel: +353 1 662 3001
Email: kevin.menton@appianasset.ie
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