€140 million Ulysses Portfolio up for sale in Dublin (IE)

Jones Lang LaSalle have commenced marketing of Ulysses Portfolio on the instructions of the Receivers, David Hughes and Luke Charleton of Ernst & Young and David Carson of Deloitte. Ulysses Portfolio consists of 25 properties located in central Dublin. This is one of the largest investment opportunities offered to the Irish market in 2013.

Ulysses Portfolio is a high yielding mixed-use portfolio within Dublin city with the majority of income attributable to Government / Semi-State tenants. The properties comprise a mix of single and multi-let offices, a variety of retail units and apartments (let on full repairing and insuring leases) and is being offered either as a single lot, or as three individual lots.

Geographically the portfolio is concentrated within the Dublin 1 and 7 areas (82.48% by passing rent) with the remainder in Dublin 2, 4, 8 and 20. It comprises a total floor area of approximately 546,500 ft² (approx. 50,770 m²), comprising 14 offices, 51 retail units, 31 residential units with 90 separate tenancies.

The portfolio has a strong weighting towards Government / Semi-State tenants with over 53% of the passing rent attributable to them. The portfolio provides a current rental income of €13.94 million per year.

Highlights of the portfolio include 94 St. Stephen’s Green, which is a prime Dublin 2 office building let to the Department of Justice, King’s Inns House on Parnell Street, a 62,000 ft² multi-let office building producing €1.48 million per year, Chapter House on Upper Abbey Street, a 78,000 ft² building, primarily let to the OPW with nine apartments producing just over €3 million per year, together with the Millennium Walkway Complex which comprises mixed office, retail and residential of 98,262 ft² producing a total rental income of €1.95 million, with over 27% of the income attributable to Government / Semi-State tenants.

In addition, the portfolio offers significant retail assets with approximately 117,000 ft² (approx. 10,800 m²) of retail space in various locations let to tenants such as Lidl, Spar, Butlers Irish Chocolates, Insomnia and Nourish.

John Moran of agents Jones Lang LaSalle advises that “this portfolio represents an excellent opportunity for investors to avail of the large lot size and complete portfolio of properties which provides strong income returns and significant Asset Management opportunities”.

They are quoting for the entire portfolio €140 million which represents an income yield of 9.53% and an overall rate per ft² of €256.

Source: Jones Lang LaSalle

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