ABOUT

WHO WE ARE

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

WHAT WE DO

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.

Governance

The Board of IPUT plc comprises eight 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.

WHY WE DELIVER

Team

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.

Assets

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.

Performance

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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SENIOR MANAGEMENT TEAM

Niall Gaffney chief executive
Niall Gaffney Chief Executive

Niall is a Chartered Surveyor and MBA graduate with over 20 years’ industry experience. He joined the Irish Property Unit Trust (IPUT) in 2000 as Head of Investment and was appointed Chief Executive in September 2007. Reporting to the board of the Company, Niall is responsible for advising on and implementing the strategic direction for the Company.

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 the Fund’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
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 the Company’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.

Tom Costello
Tom Costello Head of Construction

Tom is a Civil Engineer and has 40 years’ experience in construction and project management. He joined IPUT in 2015 and is responsible for the design, construction and safe delivery of our development projects.

Prior to joining IPUT, Tom held the role of Managing Director of Sisk for 13 years. Sisk is Ireland’s largest construction company and during this period he led the construction of some of Ireland’s most significant commercial and infrastructure projects such as Croke Park, Aviva Stadium, National Conference Centre and Dundrum Town Centre.

Tom is a Fellow of Engineers Ireland and Chairman of National Children’s Hospital Development Board.

Glenn Cran
Glenn Cran Head of Asset Services

Glenn has over 15 years’ experiences in property management. He joined IPUT in 2018 and is responsible for delivering an industry leading asset services model for our portfolio.

Prior to joining IPUT, Glenn was Head of Commercial Property Management at Savills Ireland, specialising in the management of offices and overseeing facilities management, health and safety and occupier service functions. Glenn also worked in the London offices of Savills as a Development consultant and prior to that was a Senior Consultant in the Real Estate Advisory team of Ernst & Young, London.

Glenn holds a Bachelor of Business and Legal Studies, a Masters in Business Studies and an MSc in Real Estate.

Derek Noble
Derek Noble Head of Development

Derek is a Chartered Surveyor with over 25 years’ experience in the development of commercial property. He joined IPUT in 2016 and is responsible for the management and delivery of IPUT’s development pipeline.

Prior to joining IPUT, Derek held the role of development director with Hines, a senior agency role with Savills and was development director with one of the largest Irish property development companies.

Derek is a member of the Society of Chartered Surveyors and the Royal Institution of Chartered Surveyors.

BOARD OF DIRECTORS

John Mulcahy Independent Non-Executive Chairman
John Mulcahy Independent Non-Executive Chairman

John has over 40 years’ experience in the real estate sector in Ireland. He is a Chartered Surveyor and was Head of Asset Management and a main Board member at the National Asset Management Agency 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 Ireland 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 Independent Non-Executive Director
Frank J. Close Independent Non-Executive Director
Chairman of the Investment Committee Member of the Remuneration Committee

Frank has over 25 years’ experience in the investment management, fund administration and real estate businesses. Apart from IPUT plc, he currently holds a number of directorships including KBI Institutional Fund ICAV, which invests in global stock markets, Lothbury Fund Managers Limited, which acts as a manager to a number of property funds, and in several Jersey based companies.

Frank is also Chairman of the Investment Committee of Lothbury Property Trust which invests in UK commercial real estate.

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

Paul holds the position of Vice President Customer Supply Chain, Carlsberg UK and is a member of the Carlsberg UK board. Paul was previously European Beer Supply Director for Diageo in Ireland and has almost 40 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 management.

Paul led the project to redevelop the Saint James’s Gate Brewery in Dublin and is a Trustee Director of the Guinness Ireland Pension Fund and previously was a Director of Diageo Ireland and Diageo Great Britain.

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

Marie is a Chartered Director and holds Board and Officer positions in a variety of organisations in the public and private sector. She is a member of the Audit and Risk Committees of the Communications Regulator and the Trinity Foundation and she chairs the Audit and Risk Committee of Eco-Unesco.

Marie is an Assessor for Board Evaluations with the Institute of Directors in Ireland. She is a former Chairperson of the Irish Association of Pension Funds and formerly held the positions of General Manager and Secretary to the Trustees of the ESB Pension Fund.

Marie holds a MBA from Trinity College, Dublin and 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.

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. 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.

Eithne Fitzgerald Independent Non-Executive Director
Eithne Fitzgerald Independent Non-Executive Director
Member of the Audit & Risk Committee

Eithne is a former senior Partner of A&L Goodbody, international law firm, having worked with the firm for 35 years. There she specialised in mergers and acquisitions, corporate finance and advising on a range of corporate law matters. She headed up A&L Goodbody’s London office for 3 years and has held a number of management positions in the firm, including as a member of the firms Policy Committee and the Partner Selection Committee.

Eithne has also regularly been involved in the recruitment and development of young lawyers. She holds a degree from Trinity College Dublin and a Diploma in European Law from University College Dublin and is a qualified lawyer. She is former non-executive director of One 51 plc an environmental services, renewable energy, food and speciality plastics business (now IPL Plastics plc) where she also chaired the Nominations Committee.

Eithne was appointed to the Board of IPUT in 2018.

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

Jim is a Director of Trustee Decisions Ltd and acts as a professional trustee on pension schemes in the Aviation, FMCG and Telecommunications sectors. Prior to joining Trustee Decisions Jim worked at the Central Bank of Ireland, the Institute of Public Administration, the National Australia Group and eircom in a variety of economic, finance and human resource roles.

Jim is a Council Member, Director and immediate past Chairman of the Irish Association of Pension Funds Ltd. Jim is also a Director of Irish Airlines Pensions DAC, INTRUST Properties Ltd and Irish Forestry Unit Trust Forestry Management Ltd.

Simon Radford Independent 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 over 30 years’ experience in managing property investments on behalf of institutional clients and pension funds. Simon was previously a Director with NatWest Investment Management and Gartmore Investment Management.

He is currently Chief Executive of Lothbury Investment Management which has assets under management of over £2bn and is Chairman of the London Region of the Royal Institute of Chartered Surveyors. Simon is also a Director of The Association of Real Estate Funds.

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, Eithne Fitzgerald, 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.

AWARDS & INDUSTRY BODIES

IPUT is an MSCI Measured Fund and was a cornerstone client of the survey when established in Ireland in the 1990s.
www.msci.com
GRESB is an investor driven organisation which monitors the environmental, social and governance (ESG) performance of real estate entities globally. Members of GRESB include leading European property companies and institutional investors.
www.gresb.com

Preqin is the alternative assets industry's leading source of data and intelligence. The Real Estate Online Portal examines the performance of over 1,550 named funds and has profiles of 5,400 Institutional Investors and 3,500 Fund managers globally.
www.preqin.com

IPUT is a member of INREV, the European Association for Investors in Non-Listed Real Estate Vehicles.
www.inrev.org