Established as an exempt unit trust in 1967, IPUT converted to a regulated property fund in January 2014. IPUT plc is now authorised by the Central Bank of Ireland as a QIAIF and as an internally managed alternative investment fund under the European Union (AIFM) Regulations 2013. IPUT plc promotes one sub-fund, the IPUT Property Fund, which is the successor fund to the Trust.
The Fund's principal objective is to provide investors with a consistent and stable income yield from Irish commercial real estate. We focus our investment in Dublin because it offers a larger, more liquid market with the best growth potential for capital values and rents.
Niall is a Chartered Surveyor and MBA graduate with 20 years industry experience. He joined IPUT in 2000 as Head of Investment and was appointed Chief Executive in September 2007. Reporting to the Board of IPUT, Niall is responsible for advising on and implementing the strategic direction for IPUT. Niall has managed the liquidity of the Fund by broadening the Fund’s investor base and has implemented its corporate and regulatory restructuring to a Central Bank-authorised internally managed alternative investment fund (QIAIF). He has also overseen the expansion and modernisation of its portfolio which is now predominantly characterised by large scale modern assets.
Prior to joining IPUT, Niall worked with DTZ Chartered Surveyors in valuation and investment advisory roles in both the Dublin and London commercial property markets. He is a member of the Society of Chartered Surveyors, the Royal Institution of Chartered Surveyors, a member of the property committee of the Irish Association of Investment Managers and the Irish representative on the Management Committee of the European Property Federation.
Niall is a Chartered Surveyor with over 25 years industry experience. He joined IPUT in 1992 and was appointed Property Manager in 1998. Niall oversees all aspects of property management within the portfolio and has ensured consistent rental recovery which is the cornerstone of IPUT’s strong performance.
Prior to joining IPUT, Niall worked in the Irish commercial property market with Colliers Chartered Surveyors and Sisk Construction in various commercial property management roles. Niall is a member of the Society of Chartered Surveyors and the Royal Institution of Chartered Surveyors.
Michael is a Chartered Surveyor specialising in the commercial property investment market for over 15 years. He joined IPUT in 2011, and is responsible for the formulation and implementation of the Fund’s investment management strategy, 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.
Prior to joining IPUT, Michael was an Associate Director with Savills, Dublin where he specialised in investment consultancy in all commercial sectors including disposals, acquisitions, asset management and development. Michael has also worked in the London offices of Hillier Parker where he was part of their commercial investment team. He is a member of the Society of Chartered Surveyors and the Royal Institution of Chartered Surveyors.
Pat is a Chartered Accountant with over 15 years experience in the financial and property sectors. He joined IPUT in September 2012 and is responsible for all aspects of the finance and accounting functions including risk management, tax planning, treasury management and compliance. Pat is also responsible for the supervision of the various service providers to the Fund including legal, tax and audit.
Previously, Pat worked as a Financial Controller in both the property development and asset management sectors. He also spent a number of years in the Channel Islands in the Trust and Administration sector. Pat is a Fellow of the Institute of Chartered Accountants in Ireland and is an AITI Chartered Tax Adviser.
Frank has over 20 years’ investment management and fund administration experience working as a Director of Kleinworth 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, KBI/Lothbury Qualifying Investor Fund plc which invests indirectly in European property and Lothbury Fund Managers Ltd which acts as a manager to a number of funds. 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.
Jim was formerly Chief Financial Officer of Coras Iompair Eireann. He retired in 2007. Prior to joining CIE in 1995 he was managing director of Killeen Investments Limited and Toyota Ireland Limited. He was also involved in a number of venture capital projects encompassing manufacturing, distribution and the leisure industries. His experience relates particularly to project funding, property transactions, risk management and pensions. Jim is Chairman of the IPUT Audit and Risk Committee.
Paul was European Beer Supply Director for Diageo, retiring recently after over 34 years’ experience in business activities in Ireland, encompassing a wide variety of management roles within Diageo including engineering, project management, operations, quality control, brewing and supply chain management. 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 and was a Director of Diageo Ireland and Diageo Great Britain. Paul is Chairman of the IPUT Remuneration Committee.
Simon is the principal founder of Lothbury Investment Management Limited in the UK. He has 32 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 € 2 BN. 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.
Marie Collins is an ESB Senior Manager and Secretary to the Trustees’ of the ESB Pensions Fund. She is a past Chair of the Irish Association of Pension Funds, representing their interests to Government and other stakeholders. Marie is a Fellow of both the Institute of Chartered Secretaries and Administrators and the Institute of Pension Managers, and holds Diploma in Corporate Governance from UCD.
Jim was formerly Group Pensions Director for Eircom Ltd and is a trustee on seven pension schemes. 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 Vice 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 Management Ltd. Jim is a member of the IPUT Remuneration Committee.
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. John is Chairman of the IPUT Investment Committee.
The Board of IPUT plc comprises seven non-executive directors, four of which are independent non-executive directors. The Board has established a Remuneration Committee, an Audit & Risk Committee and an Investment Committee which meet on a regular basis throughout the year and operate within defined terms of reference. The day to day management of IPUT plc has been delegated to the Senior Management Team led by the Chief Executive, Niall Gaffney. The Board of IPUT plc has adopted the Irish Fund Industry Association's corporate governance code for collective investment schemes and management companies.
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
IPUT is a member of INREV, the European Association for Investors in Non-Listed Real Estate Vehicles. www.inrev.org
IPUT is a full member of the IAIM (Irish Association of Investment Managers). The IAIM, which was founded in 1986, is the representative body for institutional investment managers in Ireland and represents virtually the entire industry.
IPUT has won the IPD European Property Investment Award for Outstanding Investment Real Estate Performance for 2013. The award was presented to IPUT for achieving the highest total return relative to the IPD All Property benchmark annualised over 3 years to December 2013 for Ireland.
The awards, determined by IPD’s standardised performance measurement procedures, recognise independently verified investment performance by pension and life funds, pooled funds, property investment companies and other professionally managed real estate portfolios across Europe.
IPUT joined other top performing European award winners including Allianz, Union, CBRE Global Investors and Generali Immobiliare. This is the third consecutive year that IPUT has been ranked by IPD as the No 1 performing Irish institutional property portfolio.
IPUT reported a total return of 16.1% for the 12 months to December 2013 as reported by IPD which compared favourably to the IPD Benchmark total return of + 12.3%.