IPUT is the largest unlisted property vehicle in Ireland with an unrivalled track record in delivering superior income returns to shareholders.


We actively manage our properties. We constantly seek to grow our rental income through a combination of well timed investment in our existing portfolio allied to timely acquisitions of prime investment properties.

Fund Strategy

IPUT’s strategy is to generate superior income returns for our shareholders from investing in Irish commercial property and actively managing our portfolio with a focus on central Dublin.


The Board of IPUT plc comprises seven non-executive directors. The Board has established an Investment Committee, a Remuneration Committee and an Audit & Risk Committee which meet on a regular basis throughout the year and operate within defined terms of reference.



Develop and retain a proven team of real estate professionals with multi-cycle experience and incentivise them to deliver consistent, strong returns for our investors.


Acquire best-in-class assets in Dublin and actively manage to achieve market-leading performance metrics and rental income growth. Reposition assets at the end of lease terms for market requirements and future sustainability

Business Model

Grow rental income and maximise long term shareholder returns by acknowledging risk and applying a carefully considered strategy and expert management. Apply prudent levels of short-term debt to redevelopment projects while maintaining the Fund as a low or debt-free investment vehicle.


Achieve performance standards across all aspects of our business that compare favourably with our peers amongst the leading domestic and international real estate organisations.

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Niall Gaffney chief executive
Niall Gaffney Chief Executive

Role: Chief Executive

Qualifications: BSc MBA, MRICS, MSCSI
Date Joined: 2000
Responsibilities: Reports directly to the board of IPUT. Implementing the current business strategy including the day to day oversight of the company
Experience: Over 20 years’ experience in valuation and investment advisory roles in both Dublin and London
External Membership: Society of Chartered Surveyors, Royal Institution of Chartered Surveyors, property committee of the Irish Association of Investment Managers and the Irish representative on the Management Committee of the European Property Federation

Michael Clarke Head of Investment
Michael Clarke Head of Investment

Role: Head of Investment

Qualifications: MRICS MSCSI
Date Joined: 2011
Responsibilities: Formulation and implementation of IPUT’s investment management strategy and overseeing transactional activities (acquisitions and disposals), together with managing the Fund’s investment valuation processes and monitoring and assessing the investment performance of the portfolio
Experience: Over 20 years’ experience specialising in investment across all commercial sectors as well as disposals, acquisitions, asset management and development
External Membership: Society of Chartered Surveyors and the Royal Institution of Chartered Surveyors

Niall Ringrose Head of Property Management
Niall Ringrose Head of Property Management

Role: Head of Property Management

Qualifications: BSc FSCS, FRICS
Date Joined: 1992
Responsibilities: Oversee all aspects of property management within the portfolio
Experience: Over 25 years’ experience in various commercial property management roles
External Membership: Society of Chartered Surveyors and the Royal Institution of Chartered Surveyors

Pat McGinley Head of Finance
Pat McGinley Head of Finance

Role: Head of Finance and Company Secretary

Qualifications: FCA, CTA
Date Joined: 2012
Responsibilities: All aspects of the finance and accounting functions including risk management, tax planning, treasury management and compliance. In addition, supervision of the various service providers to the Fund including transfer agency, legal, tax and audit
Experience: Over 20 years’ experience in various finance functions in the investment and property sectors
External Membership: Fellow of the institute of the institute of Chartered Accountants in Ireland and an AITI Chartered Tax Adviser


John Mulcahy
John Mulcahy Chairman

John has over 40 years’ experience in the real estate sector in Ireland. He was Head of Asset Management and a main Board member at the National Asset Management Agency (NAMA) before stepping down in January 2014. John played a significant role in the establishment of NAMA, overseeing the management of the portfolio of impaired and systemically significant real estate loans it acquired from various Irish financial institutions. Prior to joining NAMA, John was Chairman and CEO of Jones Lang LaSalle from 2002 to 2010.

In April 2014, John was awarded the Gold Medal by the Society of Chartered Surveyors Ireland (SCSI). The Gold Medal is given to recognise people who have contributed significantly to the property and construction sector in Ireland.

Frank J. Close Chairman
Frank J. Close Independent Non-Executive Director
Chairman of the Investment Committee Member of the Remuneration Committee

Frank has over 20 years’ investment management and fund administration experience working as a Director of Kleinwort Benson Investors Ltd (formerly KBC Asset Management Ltd) until his retirement in May 2006. Apart from IPUT plc, he currently holds a number of directorships including KBI Institutional Fund plc, which invests in global stock markets, Lothbury Fund Managers Ltd, which acts as a manager to a number of funds, and several special purpose companies in Jersey.

He is also Chairman of the Investment Committee of Lothbury Property Trust which invests in UK property. He is a past Chairman of the Irish Association of Pension Funds.

Donal Courtney Independent Non-Executive Director
Donal Courtney Independent Non-Executive Director
Chairman of the Audit & Risk Committee Member of the Remuneration Committee

Donal is a Fellow of the Institute Of Chartered Accountants in Ireland and holds a Certificate in Director Duties and Responsibilities from Chartered Accountants Ireland. He also holds an honours Business Studies degree from Trinity College Dublin. Donal qualified as a Chartered Accountant with Arthur Andersen in Dublin where he went on to become a practice manager specialising in Financial Services. Donal has held a number of Chief Financial Officer positions in Ireland with Orix, the Japanese Financial services Company, Airbus Industries, the Aircraft Manufacturer and GMAC Commercial Mortgage Bank, the commercial property financing arm of General Motors.

Donal currently sits on the Board of Unicredit Bank Ireland and Dell Bank International, both of which are regulated by the Central Bank of Ireland, where he also chairs the audit committees. Donal is Chairman of the IPUT Audit Committee.

Marie Collins Non-Executive Director
Marie Collins Non-Executive Director
Member of the Audit & Risk Committee

Marie Collins was formerly Group Pensions General Manager for ESB and Secretary to the Trustees’ of ESB Pensions Fund. She has held a variety of senior roles across ESB and Electric Ireland.

She is past Chair of the Irish Association of Pension Funds. Marie holds an MBA from Trinity College, she is a Fellow of both the Institute of Chartered Secretaries and Administrators and the Institute of Pension Managers and holds a Diploma in Corporate Governance from UCD.

She is a Non Executive Director of Eco-Unesco.

Jim Foley Non-Executive Director
Jim Foley Non-Executive Director
Member of the Audit & Risk Committee Member of the Remuneration Committee

Jim was formerly Group Pensions Director for Eircom and is now an independent trustee on seven pension schemes in the Aviation, FMCG and Telecommunications sectors. Prior to joining Eircom, Jim worked at the Central Bank of Ireland, the Institute of Public Administration and the National Australia Group in a variety of economic, finance and human resource roles.

Jim is a Council Member, Director and Chairman of the Irish Association of Pension Funds Ltd. He is also a Director of Trustee Decisions Ltd, INTRUST Properties Ltd and Irish Forestry Unit Trust Forestry Management Ltd.

Paul Armstrong Non-Executive Director
Paul Armstrong Non-Executive Director
Member of the Investment Committee

Paul is Vice President Customer Supply Chain,Carlsberg UK and a member of the Carlsberg UK board,having previously been European Beer Supply Director for Diageo in Ireland, with over 37 years’ experience in business activities in Ireland and the UK, encompassing a wide variety of management roles which include engineering, project management, operations management, quality control, brewing and supply chain. Paul led the project to redevelop the Saint James’s Gate Brewery in Dublin.

He is also a Trustee Director of the Guinness Ireland Pension Fund, a non executive Director of The Bridge Project, Trustee of the Guinness Athletic Union and previously was a Director of Diageo Ireland and Diageo Great Britain.

Simon Radford Non-Executive Director
Simon Radford Independent Non-Executive Director
Chairman of the Remuneration Committee Member of the Investment Committee

Simon is the principal founder of Lothbury Investment Management Limited in the UK. He has 33 years’ experience in managing property investments on behalf of institutional clients and pension funds. Simon was previously a Director at NatWest Investment Management and Gartmore Investment Management. He is currently Chief Executive of Lothbury Investment Management which has assets under management of over €2bn. Simon is a Director of The Association of Real Estate Funds and The RICS Planning & Development Faculty Board.

He is also a member of The Royal Institution of Chartered Surveyors, The British Council of Shopping Centres and The Investment Property Forum.

Investment Committee

Chairman: Frank Close
Members: Paul Armstrong, Simon Radford

Key responsibilities: Assisting the Board in the implementation of the Company’s Property Investment Strategy and in particular its policies in relation to the acquisition, management, development and disposal of properties. The Investment Committee meets quarterly.

Remuneration Committee

Chairman: Simon Radford
Members: Frank Close, Donal Courtney, Jim Foley

Key responsibilities: Setting the remuneration policy for all Board members and recommending and monitoring the level of remuneration of the senior management team and other members of staff. The Remuneration Committee meets semi-annually.

Audit & Risk Committee

Chairman: Donal Courtney
Members: Marie Collins, Jim Foley

Key responsibilities: Monitoring the integrity of financial statements, internal controls and risk management process and reviewing the effectiveness of the external auditors. The Audit & Risk Committee meets quarterly.


IPUT is an IPD Measured Fund and was a cornerstone client of the survey when established in Ireland in the 1990’s. www.ipd.com
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IPUT is a member of INREV, the European Association for Investors in Non-Listed Real Estate Vehicles. www.inrev.org