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.


Niall Gaffney chief executive
Niall Gaffney Chief Executive

Niall is a Chartered Surveyor and MBA graduate with over 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 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 is the Irish representative on the Management Committee of the European Property Federation.

Michael Clarke Head of Investment
Michael Clarke Head of Investment

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.

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

Niall is a Chartered Surveyor with over 25 years’ industry experience. He joined IPUT in 1992 and was appointed Head of Property Management 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.

Pat McGinley Head of Finance and Company Secretary
Pat McGinley Head of Finance

Pat is a Chartered Accountant with over 15 years’ experience in the financial and property sectors. He joined IPUT in 2012 and is responsible for all aspects of IPUT’s 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 J. Close Chairman
Frank J. Close Chairman
Member of the Investment Committee Member of the Audit & Risk 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.

John Mulcahy
John Mulcahy Independent Non-Executive Director
Chairman of the Investment 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.

Donal Courtney Non-Executive Director
Donal Courtney Non-Executive Director
Chairman of the Audit & Risk 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.

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.

Marie is a Non Executive Director of Eco-Unesco.

Jim Foley Non-Executive Director
Jim Foley Non-Executive Director
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.

Jim 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
Chairman of the Remuneration 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.

Paul 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
Member of the Investment Committee Member of the Remuneration 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.

Simon 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: John Mulcahy
Members: Frank Close, 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: Paul Armstrong
Members: Jim Foley, Simon Radford

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: Frank Close, Marie Collins

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
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.