Real Estate Planning & Development Statistics - Q1 Industry Review - Deloitte
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
Real Estate Planning & Development Statistics Q1 Industry Review
Real Estate Planning & Development Statistics | Q1 Industry Review
Contents
Executive Summary 01
Residential Market Q1 Key Stats 04
Office Market Q1 Key Stats 08
Funding Landscape Analysis 09
Summary 11
About Us 11
Get in Touch 12
02
Real Estate Planning & Development Statistics | Q1 Industry Review
Executive Summary
The events over the previous 12 months Supply of materials and labour is also notable shift to housing over apartment
have been a catalyst for several disruptive crucial for the industry. Our analysis of the development. This is likely a result of both
trends in the real estate sector. Some of industry shows that 66% of contractors the demand for housing over apartments,
these trends will be short-term, whilst for noticed a less than 10% increase in but also the shift to lower density
others the effects will be more permanent. materials costs, 30% found an 11-20% development more synonymous with that
increase and 4% found a greater than outside of Dublin.
Before Covid-19 the construction 20% increase. 87% of contractors also
industry was on an upward trajectory expressed that they had experienced New commercial office development has
with substantial investment planned and longer lead times for materials. We believe seen a marked reduction in demand, likely
cause for optimism. While we believe that the extent of these costs have not driven by the well-documented concerns
demand has not been quashed, activity been fully realised due to the partial around the future of the office as a place of
has been delayed by the pandemic, and opening of the sector. The increased costs work. Despite the restrictions in place for
this delay could result in projects that of key materials such as steel, insulation construction, there was relatively strong
were previously marginally viable prior to and timber have been masked by no real planning activity nationally over the first
the pandemic, now rendered unviable. A increase in wages. From our review of the quarter of the year.
major concern to the industry is the loss industry, 5% of contractors encountered
of programme on projects with 90% of a shortage of labour before the third Covid-19 has undoubtedly accelerated
contractors experiencing substantial loss in lockdown and the full extent may not be the decline of high street retail. The
programme. Forecasts from the ESRI show realised until the industry returns to full combination of government restrictions,
residential completions for 2021 to be capacity. Overall we expect construction increase in e-commerce and change in
around 15,000 units which is considerably cost inflation to increase towards the work patterns, has meant that many
lower than the required 34,000 units noted end of the year and into 2022 once new high street retail properties will need to
by the Central Bank. This reduction in units projects come available. reposition or repurpose.
has hit supply hard and has increased
house prices by 7.6% nationally in Q1 2021 For residential units, the ability to deliver In this report, Deloitte Real Estate Advisory
compared to Q1 2020 as noted in the latest on schemes has been challenging with comment on the current landscape of the
Daft Quarterly Report. The number of units the number of commencements almost Irish planning system and the residential
submitted for planning in Q1, 2021 is down half that of the same period in 2020. This and commercial real estate markets in
29% compared to the same period in 2020. highlights the reliance on completions Ireland. We also provide funding analysis
This reduction is a knock on from the delay to fund further developments (which on the current macro-economic conditions
in current completions and highlights that have been reduced due to the lockdown that are supporting a favourable capital
the industry is reliant on completions to restrictions). Hybrid working patterns raising environment within the Irish Real
fund other developments. and affordability have also impacted the Estate sector.
make-up of new developments, with a
01Real Estate Planning & Development Statistics | Q1 Industry Review
Nationwide Planning Stats - Q1 2020 v Q1 2021
100
90
80
70
60
50
40
30
20
10
0
Applications Lodged Planning Granted Commencements
Residential (20 Units +) 2021 Office (10,000 sq ft +) 2021
Residential (20 Units +) 2020 Office (10,000 sq ft +) 2020
Slowdown in Planning Permissions At a debate of the Joint Committee on a tenfold increase in the number of
The number of planning applications Housing, Local Government and Heritage residential units in SHDs in Dublin quashed
submitted during the period Q1 2021 has on the 10th of November last, Paul Hyde, or held up due to judicial reviews (508
reduced by one relative to Q1 2020. In Deputy Chairperson of An Bord Pleanála affected by judicial reviews in 2019, 5,802 in
terms of units however it is down 29%. stated approximately 40,000 residential 2020). Nationally, 1,048 units were affected
This is most likely a direct implication from units have been permitted under Strategic by judicial reviews in 2019 and 6,969 in
the restrictions imposed over the first Housing Development (SHD) provisions. 2020.
quarter of 2021. This trend is amplified Some 29,000 of these were apartments
further down the development timeline and 11,000 are houses, with approximately On top of the delay caused by the action,
with granted schemes down 26% and 4,000 social houses incorporated and the vast majority of judicial reviews resulted
commencement notices lodged down 44%. a further 10,100 student bed-spaces in the permission being quashed. The
We also note some broader factors permitted. The delivery of planning applicant must then start the SHD process
impacting the planning system particularly permissions through the SHD process again, with the likelihood that objectors and
the ongoing issues with the Strategic however has been severely curtailed in community groups are waiting in the wings
Housing Development (SHD) system. recent times with an explosion in the to launch another judicial review of any new
The recent rise in the number of Judicial number of SHD planning approvals being decision.
Reviews has resulting in many schemes quashed or stalled through Judicial Review.
being substantially delayed or quashed The only appeal mechanism to an SHD This slowdown in residential planning
entirely in the courts. planning approval by An Bord Pleanála is by permissions will inevitably have an impact
judicial review, as distinct from a planning on housing supply at some point in the
decision made by a local authority which next few years, compounding the impact
can be appealed to An Bord Pleanála. from the construction shutdown caused by
Analysis by Mitchell McDermott reveals Covid-19.
02Real Estate Planning & Development Statistics | Q1 Industry Review
Better Management of Government and affordable homes, with two thirds
Assets The LDA is also engaged in the allocated to affordable homes for both
The Land Development Agency Bill development of a State Land Database rent and purchase, and a third to social
is currently progressing through the which will be a comprehensive live and housing. The affordable purchase
Oireachtas, and Minister Darragh O'Brien interactive map of all State-owned lands, homes will be provided by way of
TD has announced that the role of intended to allow for better management the government’s upcoming shared
Chairperson of the Land Development of the State's assets and improving the ownership scheme. The affordable rental
Agency (LDA) is currently being advertised. integration of land use planning and homes will be provided through cost
The LDA is tasked with efficiently utilising infrastructure. On a positive note, the LDA rental.
state-owned lands for the provision of have recently secured planning permission
• Planning Permission has also been
a stable, sustainable supply of land for for two substantial schemes as discussed
obtained by the Land Development
housing and is being provided with a below:
Agency to develop 266 homes, an
funding allocation of €1.25 billion from the
• Planning Permission has been obtained enterprise centre and crèche facilities
Ireland Strategic Investment Fund (ISIF) –
by the LDA in partnership with Dún at the former St. Kevin’s Hospital site in
The LDA is currently engaged on 11 sites
Laoghaire-Rathdown County Council Shanakiel, Cork. The tenure mix is yet to
around the country.
for a development of 597 new homes be confirmed but will primarily consist of
at Shanganagh, Co Dublin. 100% of the social and affordable housing.
proposed development is for social
Nationwide Planning Stats - Q1 2021
60
50
40
30
20
10
0
Residential Office Residential Office Residential Office
(20 Units +) (10,000 (20 Units +) (10,000 SQ (20 Units +) (10,000 SQ
SQ FT +) FT +) FT +)
Applications Lodged: Planning Granted: Commencments:
Dublin Rest of Ireland
03Real Estate Planning & Development Statistics | Q1 Industry Review
Residential Market
Q1 Key Stats
Despite the restrictions in place for Q1 2021 Q1 2020
construction, there was relatively strong
Applications 77 Schemes / 9,612 78 schemes /
planning activity nationally over the
Submitted units 13,616 units
first quarter of 2021. While the level of
planning applications submitted in Q1 2021
remained relatively consistent with Q1 Grants of Planning 70 Schemes / 8,078 95 schemes /
2020, the level of applications granted fell Permission units 11,274 units
by 26% in Q1 2021 from Q1 2020 and the
level of commencement notices lodged fell Commencement 32 Schemes / 1,764 57 schemes /
by 44% in Q1 2021 from Q1 2020. Notices Lodged units 5,939 units
Q1 2021 Planning
Applications Submitted
36%
Of the 77 new scheme planning applications
submitted in Q1 2021, 36% were in Dublin,
Q1 2021
36% in the rest of Leinster, with the
remaining 28% in the rest of Ireland.
28% 36%
Dublin The rest of Leinster The rest of Ireland
04Real Estate Planning & Development Statistics | Q1 Industry Review
Grants of Planning
Permission Q1 2021
50%
Of the 70 schemes granted planning
Q1 2021
permission in Q1 2021, 50% were in
Dublin, 27% in the rest of Leinster, with the
remaining 23% in the rest of Ireland.
23% 27%
Commencement
Notices Q1 2021
12%
Of the 32 schemes that had 38%
commencement notices lodged in Q1 2021,
only 12% were in Dublin, down from 42%
from the same period last year, the rest
Q1 2021
of Leinster accounted for 50%, with the
remaining 38% across the rest of Ireland.
50%
Dublin The rest of Leinster The rest of Ireland
05Real Estate Planning & Development Statistics | Q1 Industry Review
A substantial shift to housing over this period in comparison to only 206
apartments can be observed in the apartment units. This includes a further
commencement notices lodged in Q1 unclassified 66 units of mixed development
2021. Commencement notices were lodged (approx. 40/60 apartment/house mix).
for a total of 1,492 housing units during
Units Types Subject to Commencements in Q1 2021
1600
1400
1200
1000
800
600
400
200
0
Apartments Housing Unclassified Mix of Units
Of the 32 schemes on which commencement notices
were lodged, in Q1 2021, only 12% were in Dublin, down
from 42% from the same period last year.
06Real Estate Planning & Development Statistics | Q1 Industry Review
Residential Market Outlook These updated working patterns and
The number of units being delivered affordability have also impacted the
has been significantly impacted by the make up of new developments, with a
Covid-19 pandemic. Firstly, the number notable shift to housing over apartment
of commencements is almost half that of development. This is likely a result of both
the same period in 2020. At a minimum, the demand for housing over apartments,
there will be a delay in delivery of existing but also the shift to lower density
stock as site works have been curtailed development more synonymous with that
and indeed have ceased entirely for a outside of Dublin.
period of time. It is also likely that many
of the schemes which have been granted Forward purchase investments of
permission across Q1 2021 may delay residential stock are beginning to return
development commencement until a level to the market, having stagnated over the
of economic certainty returns, and the risk past year. This is likely due to a return
of further lockdowns reduces. of certainty over the construction and
scheme completion timeframes. This
It is evident the strong requirement for forward purchase by investment funds
housing has not disappeared due to the received negative reaction in Government
current Covid-19 crisis, with significant circles as it reduces the available capacity
pent up demand for both rental and sales for first time buyers. It is anticipated
accommodation. However, affordability that Government will introduce a 10%
remains an underlying issue. Coupled with stamp duty rate on purchases of 10 or
this pent-up demand and the evident slow- more houses within a 12 month period
down in supply, this is likely to continue for in a bid to curb this trend. It is believed
the foreseeable future. that apartments are fully exempt from
this higher stamp duty as are multiple
There remains a focus on Dublin in purchases by Local Authorities and
respect of new applications granted, Approved Housing Bodies.
but it is notable the significant shift in
commencements outside of Dublin. With The establishment of the shared equity
88% of these applications outside of scheme, where further support is provided
Dublin, the 42% drop in schemes starting for first time buyers, will have implications
in Dublin year-on-year indicated both an for the housing market. These implications
increase in demand in other locations remain to be seen both from a supply
(most likely influenced by remote/ changing and demand perspective, and will provide
working patterns) coupled with the well a degree of uncertainty for the private
documented affordability issues in Dublin. developer and councils as they assess their
social housing needs.
07Real Estate Planning & Development Statistics | Q1 Industry Review
Office Market
Q1 Key Stats
• The focus on office development Office Market Outlook difficulty in getting this excess space sublet
has been predominantly in Dublin. There has been a marked reduction due to a variety of market forces – volume
Approximately 66% of schemes in the in demand for new commercial office of space, covenant strength, sustainable
application process have been applied development, likely driven by the well- rent-free periods and landlord approval.
for, granted, or commenced within documented concerns around the future of
Dublin City and County. This represents the office as a place of work. This reduction This quantum of grey space coming to
an increase in the percentage of office in new development will have a knock-on market will increase the vacancy rate.
development taking place in Dublin City effect on supply over both the short and Also, the potential flexibility and “turnkey
and County, which was approximately medium term, due to the illiquidity in fit out” that this grey space can provide to
50% for Q1 2020. delivery of stock to market. occupiers may present a further degree of
uncertainty for developers in considering
• The appetite for office development has
There remains a focus on Dublin for office future development.
halved when compared to Q1 2020 with
development, driven by the inherent
only 4 schemes commencing across
demand for this location, the economic Whilst it is becoming evident that rents
Ireland in Q1 2021.
benefits and quantum of population in and yields are remaining relatively stable
• Whilst 12 schemes were granted planning the City. However, there is now a 50% despite soft rental deflation, this will
permission in Q1 2021 (18 in Q1 2020), split between Dublin and the rest of need to be closely monitored across
the number of applications lodged in Q1 Ireland, which is a notable and interesting 2021. There has also been a shift in the
2021 (5 lodgements) remained at a similar development shift to more confidence in level of incentives needed to secure
level as Q1 2020 (6 lodgements). the regional occupational office market. quality occupiers such as “rent free”. This
should provide some degree of certainty
• With the exception of an isolated
We are aware of a number of occupiers in respect of rental projections for
example taking over 300 days to be
considering their occupational real estate developers.
granted planning, the time taken for
footprint, and there will likely be a quantum
decision to be made for office schemes
of “grey space” (sub leasing / assignment)
which were granted planning in Q1 2021
space coming to the market. There may be
took an average 122 days.
The appetite for office development has halved
when compared to Q1 2020 with only 4 schemes
commencing across Ireland in Q1 2021.
08Real Estate Planning & Development Statistics | Q1 Industry Review
Funding Landscape
Analysis
With interest rates at an all-time low, • Private Rental Sector (PRS) and Social • There has also been a steady influx
investors chasing yields, a growing Housing have been very active asset of institutional capital targeting Irish
population and supportive government classes over the past 12 months with residential properties that are leased
policies, current macro-economic many Developers securing capital by to Local Authorities. In an environment
conditions provide for a favourable removing the sales risk through forward- where investors are seeking to secure
capital raising environment within the commits / forward-funds to Institutional long term stable income, the standard
Irish Real Estate sector. Notwithstanding Investors or Approved Housing Bodies local authority leases, with up to 25
this favourable backdrop, the Real Estate (AHBs) and Local Authorities. year term and CPI linked rental income
funding market has felt the effects of that is guaranteed by the state, is a very
• While forward-funds have been prevalent
Covid-19, however this impact has been attractive proposition. To provide some
in the commercial property market for
varied across particular asset classes. context in the attractiveness of these
some time, we are beginning to see more
investment opportunities, these leases
of these structures in the residential
Over the past 12 months, we have seen under such agreements are achieving
market, with one of the largest PRS
appetite amongst capital providers (both yields of c.3.5% while a 20 year Irish
transactions (c.€200m) so far this year
debt and equity) increase in asset classes government bond is trading at c.0.6%.
being a forward-fund transaction. Certain
that have withstood and/or benefited
transactions of late and in particular • In particular the purchase of entire
from the impact of Covid-19. With equity
the purchase of entire housing estates housing estates have made national
markets at record highs and significant
have made national headlines and headlines. In response to political
volatility in some commodity markets,
Government intervention is expected to pressure the Government has proposed
Real Estate continues to provide relatively
restrict the ability of funds to buy housing the following interventions; i) the ring
stable, contracted yields for investors,
and limit the supply to first time buyers. fencing of up to 50% of housing schemes
either through direct ownership or through
for owner occupiers, this will apply to new
lending. • A key factor in the emergence of forward-
planning permission going forward; and
fund agreements in the residential
ii) the introduction of a 10% stamp duty
Funding appetite within the Real market is the increasing prevalence of
surcharge on institutional funds acquiring
Estate asset classes institutional investors who are seeking
more than 10 housing units (houses and
a return on the capital that has been
duplexes) in a development.
Residential committed to acquire the property.
With a prolonged period of housing Under a forward-fund agreement, there • The challenge for the Government is that
supply shortages going back many years, is an ability for the purchaser to charge historically changing any of the tax or
residential property prices have remained a coupon on the monies advanced to planning rules has resulted in unintended
resilient during Covid-19. The extensive the developer during the construction consequences. We raise over €2bn of
shutdown of construction sites during the process and also have more influence capital per annum for our clients and
pandemic is likely to continue this trend for on the development process. Typically in our experience any change in tax or
the coming years. Notably, house prices forward-fund structures are only being planning rules brings uncertainty to
rose by an average of 7.6% nationally from offered to developers who are highly the market, this can and will impact the
Q1 2020 to Q1 2021. reputable and have a well-established attractiveness of the Irish real estate
track record of developing high-quality market to international capital (debt
product. providers and investors).
09Real Estate Planning & Development Statistics | Q1 Industry Review
New modern offices with floor plans that can cater for more
collaborative spaces and larger footprints for individual employees
are seen as the most attractive to capital providers as they are
more resilient to changes in the working model.
• Institutional capital is helping increase • Many of the international capital • It is expected that regional hotels will see
the level of supply but is only a small providers we work with have taken the a strong recovery during summer 2021
part of the broader delivery of housing. view that large occupiers will adopt a due to the pent up demand for domestic
Removing institutions from the market hybrid approach with employees dividing tourism, with city centre hotels starting
would not help meet the overall their time between attending the office to see a level of recovery later in the year
requirement for housing over the short and working from home. depending on the success of the vaccine
to medium term. It would appear the rollout and the return of international
• New modern offices with floor plans
proposed measures being implemented travel.
that can cater for more collaborative
by Government recognise the risk
spaces and larger footprints for individual
associated with the current viability of Retail
employees are seen as the most
many apartment schemes however until Covid-19 has undoubtedly accelerated
attractive to capital providers as they are
the finer details are agreed the market the decline of high street retail. The
more resilient to changes in the working
waits in anticipation. combination of government restrictions,
model.
increase in ecommerce and change in work
Industrial • In terms of new development, we have patterns has meant that many high street
In line with other European countries, we seen limited appetite to fund new retail properties will need to reposition or
are seeing significant capital targeting fully speculative office development. repurpose.
logistics and industrial units. In the last 12 Covid-19 has caused a delay in the lease
• For existing tenants, a trend toward
months, Ireland has become one of the up strategy in a number of new office
turnover-linked leases has started to
top 5 EU countries in terms of purchasing developments with many occupiers
emerge. The change in the format of
goods and services online. Unsurprisingly, pressing pause on expansion plans. As
such leases increases the risk on both
this has resulted in additional storage a result, some developers have been
the landlord and lender and therefore
requirements to facilitate this increase unable to deliver on the original lease
lenders may seek to be compensated
in ecommerce. New cold storage units up strategy as the development reaches
for the additional risk through reduced
have been required to cater for the surge or nears practical completion. We have
leverage and / or increased pricing.
in demand during extensive lockdown seen a number of direct lenders offering
periods and additional online grocery a solution by providing facilities to bridge • While funding appetite for retail has
shopping. the property through the lease up period been very limited, there are subsets of
to stabilisation. retail that have continued to perform
This strong demand for industrial units has well during lockdown, these include
driven vacancy rates below 2%. With such Hospitality retail parks, neighbourhood centres and
strong demand dynamics, we have seen an Hospitality has been one of the hardest grocery outlets.
increase in appetite amongst equity, direct hit sectors. Our experience to date has
• Covid-19 has been a catalyst for several
lenders and banks to deploy capital into been that both banks and direct lenders
disruptive trends in the real estate sector
the asset class. This is one the few sectors have continued to support borrowers
and funding market, some of which
we are seeing appetite amongst lenders for in this industry by offering forbearance
will be short-term while for others the
fully speculative development. and additional support during this
effects will be more permanent. The
unprecedented period.
combination of the availability of capital,
Commercial
• We have seen opportunistic funds vaccine roll-out and significant pent up
While there are many differing opinions
entering the market and providing demand in many sub-sectors will ensure
on the future of office, we continue to
solutions to borrowers who may not have there is a strong level of activity involving
see capital providers targeting funding
sufficient equity to support the business domestic and international capital
opportunities involving high-quality office
during the effects of the pandemic. throughout 2021.
developments in prime locations. Although
there has been a delay in lease-ups during • While there is limited appetite to advance
Covid-19, it is still seen an attractive sector new capital to the sector, we are starting
to long term institutional investors as it to see appetite to lend to the most
has been the deepest and most liquid real experienced hotel operators with a
estate asset class. Despite the challenging portfolio of hotels.
trading environment, over €1.2 billion was
invested in Irish commercial real estate in
the first 3 months of 2021.
10Real Estate Planning & Development Statistics | Q1 Industry Review
Summary About Us
Overall there remains substantial appetite Our Real Estate Advisory team can provide
by investors in the Irish Real Estate market you with strategic support at all stages
but the Covid-19 restrictions over the last throughout the property development life
12 months have stymied development. This cycle. By combining property expertise and
reduced output has increased house prices business advisory skills, we apply in-depth
and reduced the available housing stock for insight drawn from our understanding of all
potential home buyers. It also has a knock industries and sectors into one integrated
on effect with supply as sales proceeds solution. Our core Real Estate advisory
are needed to fund future developments. team is supported by Tax and VAT Advisory,
There is growing evidence that supply is Debt & Capital Advisory and consultancy
unlikely to bounce back to pre Covid-19 divisions, to service every aspect of your
levels until at least 2023 with the ESRI property portfolio requirements.
forecasting 16,000 completions in 2022
which falls short of the the 34,000 units Our Real Estate Finance team help clients
required per year. raise capital (equity and debt) for property
development and investment. We assist
Completions this year are expected to fall our clients in optimising commercial
to around 15,000 units and the continued terms, managing key risks and maximising
full opening of the construction sector is business flexibility.
needed to ensure that skilled construction
labour, which is mobile by nature, do not We raise in excess of €2bn per annum
leave increasing prices further. The impact for Irish clients and have a strong global
of Brexit which may not be fully realised network of equity investors, international
until the sector is fully operational has banks and direct funders.
also had an effect with many contractors
noticing longer lead times and increased
costs for materials such as timber steel
and insulation.
1111Real Estate Planning & Development Statistics | Q1 Industry Review
Get in Touch
Michael Flynn John Doddy
Global Infrastructure, Transport & Regional Partner and Head of the Debt & Capital
Government Leader at Deloitte and Global Advisory Financial Advisory Services
Financial Advisory Public Sector Industry Leader jdoddy@deloitte.ie
micflynn@deloitte.ie +353 1 417 2594
+353 1 417 2515
David Buckley Daniel Lockley
Associate Director - Real Estate Director - Real Estate Finance
Financial Advisory Services Financial Advisory Services
dbuckley@deloitte.ie dlockley@deloitte.ie
+353 1 417 3797 +353 1 417 8835
David Reddy Niall Byrne
Associate Director - Real Estate Chartered Town Planner - Real Estate
Financial Advisory Services Financial Advisory Services
davreddy@deloitte.ie nialbyrne@deloitte.ie
+353 1 407 4829 +353 1 417 2488
1212Contacts
Dublin
29 Earlsfort Terrace
Dublin 2
T: +353 1 417 2200
F: +353 1 417 2300
Cork
No.6 Lapp’s Quay
Cork
T: +353 21 490 7000
F: +353 21 490 7001
Limerick
Deloitte and Touche House
Charlotte Quay
Limerick
T: +353 61 435500
F: +353 61 418310
Galway
Galway Financial Services Centre
Moneenageisha Road
Galway
T: +353 91 706000
F: +353 91 706099
Belfast
27-45 Great Victoria Street,
Lincoln Building,
Belfast, BT2 7SL,
Northern Ireland.
T: +44 (0)28 9032 2861
F: +44 (0)28 9023 4786
Deloitte.ie
At Deloitte, we make an impact that matters for our clients, our people, our profession, and in the wider society by delivering the solutions and insights they need to
address their most complex business challenges. As the largest global professional services and consulting network, with over 312,000 professionals in more than
150 countries, we bring world-class capabilities and high-quality services to our clients. In Ireland, Deloitte has over 3,000 people providing audit, tax, consulting,
and corporate finance services to public and private clients spanning multiple industries. Our people have the leadership capabilities, experience and insight to
collaborate with clients so they can move forward with confidence.
This publication has been written in general terms and we recommend that you obtain professional advice before acting or refraining from action on any of the
contents of this publication. Deloitte Ireland LLP accepts no liability for any loss occasioned to any person acting or refraining from action as a result of any material
in this publication.
Deloitte Ireland LLP is a limited liability partnership registered in Northern Ireland with registered number NC001499 and its registered office at at 27-45 Great
Victoria Street, Lincoln Building, Belfast, BT2 7SL, Northern Ireland.
Deloitte Ireland LLP is the Ireland affiliate of Deloitte NSE LLP, a member firm of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee
(“DTTL”). DTTL and each of its member firms are legally separate and independent entities. DTTL and Deloitte NSE LLP do not provide services to clients. Please see
www.deloitte.com/about to learn more about our global network of member firms.
© 2021 Deloitte Ireland LLP. All rights reserved.
IE210046You can also read
