Investor presentation Results for the year ending 31st December 2019 - - PowerPoint PPT Presentation

Investor presentation

Results for the year ending 31st December 2019

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Disclaimer & Important Notice

This presentation(hereinafter"this document")has been preparedby Yew GroveREIT plc (the "Company“or “Group”) for informationpurposes only. This document has been prepared in good faith but the information contained in it has not been independently verified and does not purport to be comprehensive. This documentis neither a prospectusnor an offer nor an invitationto apply for securities. Nothing contained in this document shall form the basis of any contract or commitment whatsoever. No representation or warranty, express or implied, is given by or on behalf of the Company, its group companies, or any of their respective shareholders, directors, officers, employees, advisers, agents or any other persons as to the accuracy, completeness, fairness or sufficiency of the information, projections, forecasts or opinions contained in this document. In particular, the market data in this document has been sourced from third parties. Save in the case of fraud, no liability is accepted for any errors, omissions or inaccuracies in any of the information or opinions in this document and neither the Company and its group companies nor any of their respective employees, officers, directors, advisers, representatives, agents or affiliates, shall have any liability whatsoever (in negligence or otherwise, whether direct or indirect, in contract, tort or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with this document. Certain information contained in this document has been obtained from published and non- published sources prepared by other parties, which in certain cases have not been updated to the date hereof. While such information is believed to be reliable for the purpose used in this document, the Company does not assume any responsibility for the accuracy or completeness of such information and which has not been independently verified by the Company. Except where otherwise indicated herein, the information provided in this document is based on matters as they exist as of the date of preparation and not as of any future date, and will not be updated or otherwise revised to reflect information that subsequently becomes available, or circumstances existing or changes

• ccurring after the date hereof.

Forward-lookingstatements This document contains forward-looking statements, which are subject to risks and uncertainties because they relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends, and similar expressions concerning matters that are not historical facts. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Group or the industry in which it operates, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The forward-looking statements speak only as at the date of this document. The Group will not undertake any obligation to release publicly any revision or updates to these forward-looking statements to reflect future events,circumstances, unanticipatedevents,new informationor otherwiseexcept as requiredby law or by any appropriateregulatory authority. THIS DOCUMENT DOES NOT CONSTITUTE OR FORM PART OF ANY OFFER FOR SALE OR SUBSCRIPTION OR SOLICITATION OF ANY OFFER TO PURCHASE OR SUBSCRIBE FOR ANY SECURITIES NOR SHALL IT OR ANY PART OF IT FORM THE BASIS OF OR BE RELIED ON IN CONNECTION WITH ANY CONTRACT OR COMMITMENT TO PURCHASE OR SUBSCRIBEFOR ANY SECURITIES

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Agenda

JonathanLaredo Chief ExecutiveOfficer CharlesPeach Chief FinancialOfficer Michael Gibbons Chief InvestmentOfficer

Introduction Financial Highlights Portfolio & Asset Management Summary & Outlook 4 9 17 26

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Introduction Introduction

SECTION 1

5

2019 highlights

A year of growth

Value of investment properties increased 49% to €115.8m (€141.2m including Millennium Park which completed post year end) Total dividend for FY19 of 6.75c per share, even with 48% increase in share count diluting H2 dividends 100m share issuance programme established, 36.6m shares placed to fund acquisitions NAV per share of 98.5c (after 4.2c acquisition and share issuance costs) Current rent roll of €8.9m, with an ERV of €10.1m (€10.6m and €12.7m respectively including Millennium Park) New equity raised was committed within 2 weeks Entering 2020 with acquisition pipeline of over €120m

✓ ✓ ✓ ✓ ✓ ✓ ✓

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Yew Grove

1 – Source: Goodbody 2 – IDA data, 2013 to 2018. Approx 58% of FDI job creation in 2018 was outside Dublin 3 – Increase in debt facility announced on 3 March 2020

Investment Strategy

✓ Good quality income from a portfolio of Irish commercial real estate in select locations outside Dublin’sCBD ✓ Focus on office and industrialassets ✓ High quality tenant list: Irish government entities, state bodies, large enterprises, IDA Ireland supported and other FDI companies ✓ Active asset management to drive value ✓ Internallymanaged REIT with shareholder alignment: 4% of equity held by management

Only REIT specialising in commercial property outside of Dublin CBD Supportive market backdrop

✓ Ireland was the fastest growing economy in Europe in 2019 1 ✓ Approx. 50% of recent FDI job creation has been outside Dublin2 – Project Ireland 2040 supports targeted regional growth ✓ Dublin CBD rents have exceeded pre crisis highs, elsewhere rents are mostly still below the level required to trigger construction and are rising, driven by a supply demand mismatch ✓ Opportunities to acquire assets at levels significantly below replacement cost ✓ Raised €111.5m in equity and €49.1m3 in debt since June 2018 IPO ✓ Ongoing 100m share issuanceprogrammefrom July 2019 of which c. 63m still to be issued. ✓ Attractive pipeline of available assets to continue to scale the business

Active growth plan

✓ Ex-CBD market is very significant, c. €13bn ✓ Competition for assets is growing but the market is still institutionally under invested and available yields are still attractive ✓ Market recovery and end of CGT exemption means that many

• wners want to redeploy capital into their businesses by selling

properties ✓ Yew Grove has a high profile with property owners and agents for transacting efficiently

Attractive opportunity & pipeline

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Strong fundamental backdrop

The opportunity for Yew Grove remains significant

…with an equal share between Dublin and ex-Dublin1 Non CBD rents are still significantly below replacement cost

▪ Vacancy rates across the country are at multi-year lows, with larger floor plate, Grade A (and equivalent) with higher take up/lower vacancy ▪ In the principal IDA parks there is virtually no vacancy ▪ Across the regional cities, the major shift is from secondary buildings into larger Grade A space, with an increase in specific take up

Source: IDA, Goodbody

• 1. Average split of job announcement between Dublin and ex-Dublin since 2012

Strong FDI inflows continue… and vacancy and take up rates reflect a healthy market

8,690 5,901 6,718 9,455 6,759 8,436 10,125 8,994

2012 2013 2014 2015 2016 2017 2018 2019

New IDA job announcements

Dublin 51% Ex-Dublin 49%

Location of inflows

€30 €20 €30 €45 €25 €33 Dublin Core+ Regional Regional city

Current €psf €psf required to trigger construction

+50% +25% +8%

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Significant opportunity outside Dublin CBD

Income investors underinvested relative to the opportunity

Keeping yields high relative to Dublin CBD

8.5 5.2

Dublin CBDoffice market Yew Grovetarget market Non-Dublin CBD

• ffice market

Irishindustrial market

Target market is vast and under serviced

Value€bn Source: Goodbody, MSCI, Cushman & Wakefield

Investors in Irish market under allocated outside CBD

13.8 13.7

Partly because provincial lot sizes are smaller

€45.2m €43.1m €38.3m €24.2m €15.1m €10.0m Office - Dublin 2 Office - Central Dublin Office - Dublin 1 3 & 7 Office - Dublin 4 Office - Provincial Office - Rest of Dublin 6.6% 6.0% 5.3% 5.1% 4.5% 4.4% Office - Provincial Office - Rest of Dublin Office - Dublin 4 Office - Dublin 1 3 & 7 Office - Central Dublin Office - Dublin 2

5 10 15 20 25 30 % Allocation in average portfolio Total Provincial Office - Outside Dublin CBD Industrial - Dublin

Financial Highlights

SECTION 2

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Portfolio and income growth in 2019

▪ Property portfolio grew by €38 million (+49%) over the year from €77.9 million to €115.8 million ▪ The Millennium Park acquisition increases this to €141.1 million (+22%)

Increasing portfolio operational leverage driving earnings growth

▪ Administrative costs excluding financing were similar to 2018 in H1, falling to 67% of that amount in H2 ▪ The Millennium Park acquisition is expected to increase costs by substantially less than the 19% increase in rent roll ▪ Contracted rental roll grew by €2.6 million (+42%) over the year, from €6.3 million to €8.9 million ▪ The Millennium park acquisition brings this to €10.6 million (+19%)

Property value €m

€77.9 €90.5 €115.8 End Dec 2018 End June 2019 End Dec 2019

Annualised rent roll €m

€6.3 €7.5 €8.9 End Dec 2018 End June 2019 End Dec 2019

Administrative costs €m

€1.8 €1.8 €1.2 End Dec 2018 End June 2019 End Dec 2019

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NAV per share movements

Equity issue and Acquisition costs reduced NAV by 4.19c

▪ Due to share issuance costs of 1.27c and property purchase costs of 2.92c, NAV per share ended the year 1.77c lower ▪ Like-for-like portfolio value increased by 2.9c, driven by active asset management across the portfolio

EPRA EPS distributed, valuation growth supporting NAV

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Earnings

Increased revenue and improved operating leverage increased earnings

▪ The 2019 EPS of 6.23c follows 2018 EPS of 4.1c (unweighted 3.1c)* ▪ The Company’s annualised rental income increased by 42% from 2018 and a lease surrender was negotiated increasing revenue, while costs remained under tight control ▪ Finance costs remained light, as the Company’s revolving debt facility was partially undrawn during the period. The LTV was 18% end Dec 2019

* 2018 reported EPS of 4.1c is calculated on the weighted average amount of shares in issuance, in the period from April 2018 to June 2018(IPO) there were no paid up shares in issue. The figure of 3.11c used is calculated on the shares in issue from IPO to Dec 2018 (operational period).

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Dividends

Distribution of 98% of EPRA EPS

* 2018 reported EPS of 4.1c is calculated on the weighted average amount of shares in issuance, in the period from April 2018 to June 2018(IPO) there were no paid up shares in issue. The figure of 3.11c used is calculated on the shares in issue from IPO to Dec 2018 (operational period).

▪ The Company paid a dividend for 2018 and the first 3 quarters of 2019 in the year, followed by a dividend of 1.04c for Q4 2019 in February 2020. This equates to 98% of EPRA EPS ▪ Dividends paid for 2019 were 6.75c per share, including a special dividend of 1.86c related to a lease surrender. The Q4 dividend was diluted by the issuance of an additional 31% of shares in December 2019. Without the dilution of the late Q4 share issuance, the 2019 dividend would have been 7.08c 0.96 1.1 1.37 1.38 1.04 1.47 1.86

2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Undiluted Q4 div

Cents per share

3.23

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Summary balance sheet

Equity and debt capital deployment

Balance sheet (€’m) At 31 Dec 2018 At 31 Dec 20191 Change Investment properties 77.92 115.79 49% Cash and cash equivalents 4.82 14.57 202% Debt 5.84 20.40 249% Other Asset/(Liabilities) (1.77) (0.04) 3% Total equity 75.13 109.92 46% IFRS NAVPS (cents) 100.18 98.52 (1.7)% EPRA NAVPS (cents) 100.18 98.52 (1.7)% Equity Capital raised in 2019 35.8 Debt capital raised in 2019 9.1 Capital deployed in property purchases in 2019 39.3 Total Debt €20.4 Total Equity €109.9m Equity €35.8m Debt €9.1m

Capital split as at 31 December 2019 Capital raised in 2019 Capital deployed in 2019

1Please note that the 31 Dec 19 figures are unaudited and may change as part of the audit process

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Summary income statement

Greater revenues have increased net income and dividends paid

Income statement (€’m) IPO to 31 Dec 2018 (6.5 months) 12 months to 31 Dec 20191 Change Total Revenue Rental Income 2.76 7.95 +188% Lease surrender income 0.00 2.00 Property Expenses (0.20) (0.53) +165% Net Rental Income 2.56 9.42 +267% Gains on investment properties 1.61 (0.65) Total income 4.17 8.77 +110% Administration and AIFM 1.81 2.41 +33% Variable remuneration 0.00 0.63 Goodwill (0.06) 0.00 Finance costs 0.02 0.67 +3200% Total Expenditure 1.83 3.71 +103% Profit for the period 2.33 5.06 +117% Total comprehensive income 2.73 5.06 +60% Basic EPS (cents) 4.08 6.23 +53% EPRA EPS 1.26 7.03 +458% Dividends declared for period 0.96 6.75 +603% Over the period the Group paid costs of €2.8m purchasing properties Of the €5.8m of net rental income (having excluded lease surrender dilapidations and valuation adjustments) for the period, 98% has been distributed via ordinary and special dividends Revenues include €2m of lease surrender payments from the Cork Airport property. Excluding lease surrender payments, the Company’s revenue was an increase of 188% on 2018, or +52% annualised Administration expenses excluding variable remuneration:

• 2019 €2.41m for 12 months; and
• 2018 €1.8m for 6.5 months

101% EPRA EPS dividend cover. EPS is calculated on WA shares over the year, dividends were paid on the shares

• utstanding on specific dates

1Please note that the 31 Dec 19 figures are unaudited and may change as part of the audit process

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Reversionary potential in portfolio

▪ The portfolio is reversionary and rent levels are still rising in areas where the buildings are situated ▪ At today’s ERV the portfolio rent roll should increase by 6.4% (EUR 674k) over the next four years. If rents continue to rise this number should also increase. ▪ The portfolio has vacancy in its Cork Airport, Mallow and Millennium properties. As that vacancy is let the rent roll should rise by c.15.1% (€ 1.59 m) ▪ The company is in discussion with a number of prospective tenants to fill the vacant space

Under-rental provides future revenue opportunities

ERV progression

€7.0m €7.5m €8.0m €8.5m €9.0m €9.5m €10.0m €10.5m €11.0m €11.5m €12.0m €12.5m €13.0m Mar 2020 Rent roll with ERV reversion Jun 2019 Rent roll with ERV reversion June Mar 2020 Current rent roll Jun 2019 Current rent roll

+15.1% +21.3%

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Portfolio & Asset Management

SECTION 3

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Cork (2) Waterford (1) Letterkenny2 (1) Athlone (5) Dublin (15) Listowel (1) Tullamore (1) Portlaoise (1) Portfolio value

€141.1m

Lettable Space

847,256 sq ft

Number of buildings

27

Vacancy rate

10.5%

Value of investment properties in Dublin

€78.5m

Government and FDI tenants

92.5%

Acquisitions in 20191 (12 buildings)

€66.7m

Gateway 1,3 Airways 7+8 Ashtown B,C Centrepoint Naas Holly Avenue

Dublin

Overview of current portfolio

1 – Including Millennium 2 - Letterkenny is treated as one business park but comprises 3 buildings Figures as at 01/03/2020

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High quality diversified portfolio

▪ Number of tenants: 42 ▪ WAULT lease end: 7.50 years ▪ WAULT break: 4.15 years ▪ Rent roll of €10.59 m ▪ 51% of rent roll is the Dublin catchment area ▪ 49% of rent roll in the regions ▪ Yield to company: 7.5% ▪ Reversionary yield: 9.1%

• 1. As a percentage of Revenue as at 01/03/2020

Source: Goodbody, MSCI, Cushman & Wakefield

Tenant profile1

FDI / Large enterprise 68.3% Government 27.0% SME 4.7%

Overview of current portfolio

Company % of annual rent roll Sector Nationality

13.6% Life Sciences USA 13.0% Energy Ireland (Government) 9.6% Life Sciences USA 8.9% Life Sciences USA 7.8% Government Ireland (Government) 5.5% Consumer USA 3.6% Financial Services USA 3.1% Technology Germany 3.0% Packaging UK

Key tenant overview

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Our approach to portfolio & asset management

Yew Grove buys well …

1

… then actively asset manages and improves our properties

2

… always attracted to improving and expanding locations

3

… always engaging with our client/tenants to assist their growth

4

… while managing our pipeline to deploy new capital consistently and rapidly

5

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Yew Grove consistently buys well

▪ Large industrial ▪ Well located close to Dublin airport ▪ Fully let to Essentra Packaging Ireland Ltd ▪ Current annualised total return in excess of 30% ▪ Under rented with large reversionary potential ▪ Step up rents improved rental levels by 6.6% ▪ Rent Reviews in 2020/21 expected uplift of 90%

Acquisition Price: €3.8m Gross Yield: 7.9%* Size: 87,963 sq ft Tenant: Essentra Packaging Value: y/e €5.21m Occupancy: 100%

* Rent at acquisition, divided by acquisition price at IPO

Units 7 & 8 Airways Industrial Park, Dublin Airport

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Driving value through active asset management

▪ Two offices in a 4-block estate, located in Dublin 15 close to M50 ▪ Bought in August 2016 with immediate asset management plan ▪ Vacancy (for 15 years) was filled by the OPW ▪ Carpark spaces re-let to tenants at higher rents ▪ Rent review achieved better than ERV ▪ The passing rent has increased from €715k to €778k ▪ Annualized return to Yew Grove exceeds 18% p.a

Acquisition Price: €8.8m Gross Yield: 8.1%* Size: 33,149 sq. ft Tenants: Multi tenanted Occupancy: 100% Value: y/e €10.1m

* Rent at acquisition, divided by acquisition price at IPO

Ashtown Gate

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Yew Grove’s portfolio includes properties in improving areas

▪ Gateway One and Three office buildings bought post IPO ▪ The market considered the location suburban and preferred East Point Business Park ▪ Yew Grove saw a significant opportunity considering transport links, distance from North (Silicon) Docks, and planned developments of both apartments and offices ▪ Post acquisition the owners of the distressed Beckett building completed a refurbishment, which was then let to Facebook and subsequently sold at a 4.6% yield ▪ Asset management to date

• 2018 Rent review at €27.50 psf
• 2019 letting of vacant floor at €32.50 psf
• 2019 car park reorg added 27 spaces
• 2019 car rents increased to €1,250 pcs
• 2020 - Potential re-gear and fundamental revaluation

A B F E D C G H

Key: A - Gateway Buildings B - Port Tunnel C - Beckett Building - Facebook D - Eastpoint E - North Dock develop. F - IFSC G - Conference Centre H - Google

Acquisition Price: €29m Gross Yield: 7.1%* Size: 94,709 sq. ft Tenants: ESB & Others Value: y/e €33.5m Occupancy: 100%

* Rent at acquisition, divided by acquisition price

Gateway Buildings

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▪ Maintaining close contact with senior management to identify new

• pportunities

▪ Many FDI tenants are expanding their operations and require an engaged, well capitalized landlord. ▪ Constructed a new car park in 2019 ▪ Engaged with tenants for two current medium-term projects ▪ Aiding a tenant to accommodate a significant expansion in 2020:

• Temporary office and canteen solution;
• 30,000 sq. ft new office extension; and
• New 175 space carpark

▪ Aiding another tenant in 2020 to create a new campus involving:

• expansion into an underutilized adjacent building;
• building a new warehouse and re-site the original car park;
• constructing a new car park; and
• improvements to the power and water

A B F E D C G

Key:

• A - Teleflex
• B - PPD
• C - KCI Carpark
• D - KCI Building 1
• E - KCI Building 2
• F - Signature
• G - M6 Motorway interchange

Acquisition Price: €29m Gross Yield: 8.4%* Size: 206,514 sq ft Tenants: Teleflex, KCI, PPD Value: y/e €29.5m Occupancy: 100%

* Rent at acquisition, divided by: acquisition price (for buildings A, B, E & F) and acquisition price at IPO (for building D and car park C)

Yew Grove is committed to tenants that are expanding their operations

IDA Business & Technology Park, Athlone

25 ▪ The Park has been tracked by Yew Grove since IPO

▪ The completion of the M7 motorway and the new Millennium Park interchange made the investment case compelling ▪ Discussed the purchase with the vendor during our Q3 equity roadshow ▪ Agreed an exclusive, off-market transaction, because of our proven ability to execute quickly ▪ Exchanged 2 weeks after the equity drawdown ▪ Completed 6 weeks later having identified potential tenants for the vacant property (Birch House) ▪ Reversionary potential in excess of 9%

Acquisition Price: €25.3m Gross Yield: 6.3% Size: 140,000 sq ft Tenants: Multi- tenanted Value: y/e €25.3m Occupancy:

• c. 70%

* Rent at acquisition, divided by acquisition price

Millennium Park

Yew Grove manages its pipeline to effectively deploy capital

Classified as Confidential

Summary & Outlook

SECTION 4

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Summary & Outlook

▪ In 2019 the Company showed its ability to deploy new equity and debt capital quickly and efficiently and increased the portfolio value by 48% ▪ All new equity was deployed or committed within 2 weeks of the capital being raised ▪ Despite this growth, administrative costs for 2019 ran at a similar rate to the annualised costs for 2018 ▪ As the Company grows, the increased scale should result in operational efficiency, with revenue rising faster than costs, improving ratios and shareholder returns ▪ Moreover, the Company’s portfolio is reversionary, and that reversion is improving and will improve earnings per share and distributable income. ▪ As the Company’s profile has improved, our pipeline has increased - principally ‘off-market’. The current pipeline is over €120 million excluding transactions already in train. This reinforces our analysis of the market opportunity and underpins our stated aim to grow to at least a €300-500 million market capitalisation during 2021. ▪ In July 2019 shareholders approved a 100 million share issuance programme, of which 36.6 million shares have been issued. Approval for the remainder expires in July 2020

JonathanLaredo Chief ExecutiveOfficer

• Over 30 years’ experience in investment markets, including running the

European and Asian structured finance business at JP Morgan

• Previous owner and director of the Pepper Group, an Australian

based mortgage lender and servicer which built the largest third- party servicing business in Ireland

• Co-Founder of the Yew Tree Fund, the Company’s seed Portfolio
• Sits on the Company’s Investment Committee
• Previously Senior Vice President of IDA Ireland

acting as Global Head of two key operating divisions

• Member of the Institute of Directors of Ireland
• Qualified Barrister at Law from University

College Dublin & Kings Inns

BarryO’Dowd Non-executiveChairman CharlesPeach Chief FinancialOfficer

• Over 25 years’ experience in investment markets, structuring

and raising capital for companies and funds

• Previously a member of the Financial Analytics and Structured

Transactions Group at Bear Stearns, before developing and running managed vehicle issuance and risk management programmes at Nomura

• Co-Founder of the Yew Tree Fund
• Sits on the Company’s Investment Committee
• Former Finance Director of Irish Continental

Company plc (“ICG”) for 27years

• Prior to joining ICG, he worked in a number of

financial roles at CRH plc. Mr O’Dea is currently an independent trustee of the RTE

GarryO’Dea

Superannuation Scheme

Independent Non-executive

• Qualified Chartered Accountant

Director, Senior

• Chairs the Audit Committee

Independent Director Michael Gibbons Chief Investment Officer

• Over 31 years’ experience in investment markets spanning high

yield, distressed debt and real estate businesses

• He started his career in corporate finance at Bankers Trust,

followed by Sumitomo Finance, Commerzbank, BNP Paribas, Aladdin Capital Management LLP

• Co-Founder of the Yew Tree Fund

Eimear Moloney IndependentNon- executiveDirector

• Previously a Senior Fund Manager at Zurich

Life Assurance Ireland plc where she had responsibility for equity and regional asset allocation

• Currently NED of Hostelworld Group plc
• Qualified Chartered Accountant
• Chairs the Remuneration Committee

RichardMully Adviser to management team

• Significant Board and property experience as Chairman of Great

Portland Estates, Deputy Chairman of the supervisory board of Alstria Office REIT-AG, Senior Advisor to TPG Real Estate LLC and previously served as NED at Standard Life Aberdeen, and a Senior Independent Director at St Modwen Properties, ISG and Hansteen Holdings

• 12 years’ banking experience in property at County Bank and

Bankers Trust

• 13 years as a principal real estate investor with Soros Real Estate

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About Yew Grove

Brian Owens IndependentNon- executiveDirector

• Prior Chairman and Chief Executive of Hardwicke

Property Group for 18 years currently Partner in Beresford Real Estate

• A 30-year veteran of the Irish real estate

industry, prior to which he was at Deloitte

• Fellow of the Chartered Accountants Ireland
• Member of the Society of Chartered Surveyors

Ireland and the Royal Institution of Chartered Surveyors

• Chairs the Valuation Committee

Proven management team supported by vastly experienced non-executive directors and advisers

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Geographic overview of existing assets

Building Type Location Value (€'000) Current Rent (€'000) Gross Yield at Fair Value Reversionary Rent Roll (€'000) Gross Reversionary Yield WAULT to lease break (years) WAULT to lease end (years) Portfolio vacancy 1 One Gateway Office Dublin 19,000 1,306 6.9% 1,491 7.8% 1.8 4.1 0% 2 Letterkenny Office North West 15,755 1,437 9.1% 1,458 9.3% 8.1 8.1 0% 3 Three Gateway Office Dublin 14,460 913 6.3% 1,188 8.2% 1.8 1.8 0% 4 Teleflex Office Midlands 11,610 948 8.2% 851 7.3% 8.6 11.6 0% 5 Unit 2600, Cork Airport Office Cork 6,200 0.0% 633 10.2% 0.0 0.0 100% 6 IDA Athlone Block B Industrial Midlands 6,175 530 8.6% 530 8.6% 3.0 13.0 0% 7 Ashtown Gate Block C Office Dublin 5,140 391 7.6% 401 7.8% 4.0 5.8 0% 8 IDA Athlone Unit B2 Industrial Midlands 5,050 483 9.6% 483 9.6% 3.5 14.5 0% 9 Ashtown Gate Block B Office Dublin 4,915 405 8.2% 380 7.7% 2.9 9.2 0% 10 IDA Waterford Block A Office South East 4,100 353 8.6% 424 10.3% 4.0 14.9 0% 11 IDA Athlone Block A Industrial Midlands 3,500 250 7.1% 312 8.9% 1.0 10.9 0% 12 IDA Athlone Block C Industrial Midlands 3,150 280 8.9% 253 8.0% 4.6 9.6 0% 13 Blackwater House Office Cork 2,750 233 8.5% 313 11.4% 1.3 4.4 30% 14 Airways Unit 8 Industrial Dublin 2,740 160 5.8% 280 10.2% 5.9 10.9 0% 15 Airways Unit 7 Industrial Dublin 2,470 160 6.5% 248 10.0% 5.3 10.3 0% 16 Bridge Centre Retail Midlands 1,840 229 12.5% 181 9.8% 1.2 1.8 14% 17 Holly Avenue Industrial Dublin 1,835 170 9.3% 187 10.2% 0.9 7.9 0% 18 Unit L2 Toughers Industrial Dublin Catchment 1,815 170 9.4% 201 11.1% 3.0 3.0 0% 19 Old Mill Lane Mixed Use South West 1,500 302 20.1% 176 11.7% 6.7 8.6 0% 20 Canal House Mixed Use Midlands 930 107 11.5% 53 5.7% 6.8 6.8 0% 21 Centre Point Industrial Dublin 855 110 12.9% 51 6.0% 6.5 6.5 0% 22 Ash Hse, Millennium Park Office Dublin Catchment 3,340 326 9.7% 364 10.9% 1.3 6.3 0% 23 Beech Hse, Millennium Park Office Dublin Catchment 2,285 222 9.7% 243 10.6% 2.9 7.0 0% 24 Birch Hse, Millennium Park Office Dublin Catchment 6,325 0.0% 746 11.8% 0.0 0.0 100% 25 Chestnut Hse, Millennium Park Office Dublin Catchment 6,460 508 7.9% 645 10.0% 2.5 3.7 2% 26 Hazel Hse, Millennium Park Office Dublin Catchment 3,530 341 9.7% 365 10.3% 3.6 5.2 0% 27 Willow Hse, Millennium Park Office Dublin Catchment 3,360 259 7.7% 350 10.4% 4.3 5.2 0% Total 141,090 10,592 7.5% 12,804 9.1% 4.1 7.5 11.9%