National Portfolio Irish Retail Investment Opportunity National Portfolio Irish Retail Investment Opportunity

NATIONAL PORTFOLIO IRISH RETAIL INVESTMENT OPPORTUNITY NATIONAL PORTFOLIO IRISH RETAIL INVESTMENT OPPORTUNITY

NUTGROVE RETAIL PARK LETTERKENNY RETAIL PARK SLIGO RETAIL PARK TULLAMORE RETAIL PARK DEERPARK SHOPPING PARK RATHFARNHAM, DUBLIN 14 CO. DONEGAL CO. SLIGO CO. OFFALY KILLARNEY, CO. KERRY NATIONAL PORTFOLIO IRISH RETAIL INVESTMENT OPPORTUNITY

CONTENTS

Introduction 4 SLIGO RETAIL PARK 35 The Assets 6 Key Investment Considerations 36 Portfolio Analysis 8 Location 37 Why Invest In Irish Retail Property? 10 Description 39 Contacts & Further Information 12 Catchment Details 40 Tenancy Overview & Analysis 41 Accommodation & Site Plan 42 NUTGROVE RETAIL PARK 13 Key Investment Considerations 14 Further Information 44 Location 15 Description 17 TULLAMORE RETAIL PARK 45 NATIONAL PORTFOLIO NUTGROVE RETAIL PARK LETTERKENNY RETAIL PARK Catchment Details 18 Key Investment Considerations 46 IRISH RETAIL INVESTMENT OPPORTUNITY Tenancy Overview & Analysis 19 Location 47 Accommodation & Site Plan 20 Description 49 Further Information 22 Catchment Details 50 Tenancy Overview & Analysis 51 Accommodation & Site Plan 52 LETTERKENNY RETAIL PARK 23 Key Investment Considerations 24 Further Information 54 Location 25 Description 27 DEERPARK SHOPPING PARK 55 Catchment Details 28 Key Investment Considerations 56 Tenancy Overview & Analysis 29 Location 57 Accommodation & Site Plan 30 Description 59 Further Information 34 Catchment Details 60 Tenancy Overview & Analysis 61 Accommodation & Site Plan 62 Further Information 64

SLIGO RETAIL PARK TULLAMORE RETAIL PARK DEERPARK SHOPPING PARK

CONTENTS 3 NATIONAL PORTFOLIO IRISH RETAIL INVESTMENT OPPORTUNITY INTRODUCTION DEERPARK RETAIL PARK ON BEHALF OF THE VENDORS, JLL AND SAVILLS ARE DELIGHTED TO PRESENT THE NATIONAL PORTFOLIO, A PORTFOLIO OF FIVE RETAIL PARKS

These diverse assets represent a major opportunity to obtain a significant stake in, and exposure to, the fast recovering Irish retail market. At over 1.1 million sq. ft. the National Portfolio will represent the largest Irish real estate opportunity to come to the market in the current cycle in terms of its LETTERKENNY 2 overall floor area. The portfolio offers a strong geographic spread and a strong line-up of tenants, along with a variety of active asset management opportunities. Each retail park has its own strengths and collectively they provide a purchaser with excellent exposure to the retail market. LOCATION OF THE ASSETS

3 SLIGO OPPORTUNITY 1 NUTGROVE RETAIL PARK, RATHFARNHAM, DUBLIN 14 The portfolio is being offered for sale in One or More Lots: PRIME SOUTH DUBLIN RETAIL PARK LOT 1: Nutgrove Retail Park 2 LETTERKENNY RETAIL PARK, CO. DONEGAL LOT 2: Letterkenny Retail Park, Sligo Retail Park, Tullamore Retail Park and Deerpark Shopping Park RETAIL PARK WITH STRONG FASHION OFFER

1 LOT 3: The Entire National Portfolio TULLAMORE 4 RATHFARNHAM 3 SLIGO RETAIL PARK, CO. SLIGO For the avoidance of doubt please note that this is a property investment sale therefore no tenants are affected. LONG INCOME RETAIL PARK

4 TULLAMORE RETAIL PARK, CO. OFFALY WELL ANCHORED LONG INCOME RETAIL PARK 94 retail & commercial Total passing rents of 5 retail parks across units with a low vacancy Over 1.1 million sq. ft. approximately €12.3 million 5 counties rate of approximately of space 5 DEERPARK SHOPPING PARK, KILLARNEY, CO. KERRY per annum 10.26% WELL ANCHORED SHOPPING PARK INCLUDING OPEN USE RETAIL 5 KILLARNEY

An opportunity to invest Major tenants include Overall WAULT of at scale in the recovering Woodies, Homebase approximately 10 years retail market and Aldi

4 INTRODUCTION INTRODUCTION 5 NATIONAL PORTFOLIO IRISH RETAIL INVESTMENT OPPORTUNITY

THE ASSETS

Nutgrove Retail Park, Letterkenny Retail Park, Sligo Retail Park, Tullamore Retail Park, Deerpark Shopping Park, Rathfarnham, Dublin 16 Co. Donegal Co. Sligo Co. Offaly Killarney, Co. Kerry

• 18,431.3 sq. m. (198,392 sq. ft.) purpose built retail park • Open consent scheme with an offer equivalent to a • L-shaped retail park extending in total to 25,302.6 sq. m. • U-shaped retail park extending to approximately • 11,861.8 sq. m. (127,679 sq. ft.) mixed use shopping park large shopping centre extending to 35,324.56 sq. m. (272,355 sq. ft.) 15,702.6 sq. m. (169,021 sq. ft.) • Including 5,339.8 sq. m. (57,477 sq. ft.) of office and leisure • One of the few retail parks in Ireland with open retail use (380,230 sq. ft.) within four phases facilities on upper floors • 18 unit retail park with ample car parking • Main tenants include Woodies, Heatons, Argos, DID Electrical • Located in the heart of the busy tourist destination of Killarney • Strong fashion presence with leading names such as and Harry Corry • Situated in an established residential location in Rathfarnham, • Strong food offer with 3 restaurants at entrance to Park New Look, M&S, TK Maxx, River Island, Next and H&M • Key tenants include M&S, Homesbase, Arcadia Group, Argos South Dublin • Situated adjacent to a large Tesco Extra supermarket and • Main tenants include Homebase, Halfords, Currys, PC World, and Boots • Other leading occupiers include Homebase, Halfords, Tesco petrol station • Excess 600 car spaces at grade and basement levels Smyths Toys and McDonalds Argos, Boots and Smyths Toys • Adjacent to Tesco Superstore and Aldi • Current gross rent of approximately €1.48 million per annum • Current rent of approximately €4.1 million per annum • Current rent of approximately €2.10 million per annum • 38 unit retail park immediately adjoining the town centre • Current rent of approximately €1.55 million per annum • WAULT of approximately 10.7 years • 76% income secured by Homebase, Harvey Norman and Aldi • WAULT of approximately 7.9 years • Current rent of approximately €3.05 million per annum • WAULT of approximately 4.2 years • WAULT of approximately 13.9 years • WAULT of approximately 9 years

6 THE ASSETS THE ASSETS 7 0-2 years 0.49% 2-5 years 1.36% Killarney 11.12% Nutgrove 17.29% Killarney 12.64% Nutgrove 33.39% 5-10 years 9.56% NATIONAL PORTFOLIO Tullamore 14.73% IRISH RETAIL INVESTMENT OPPORTUNITY Tullamore 12.05% 10 years+ 88.59%

Sligo 23.73% Letterkenny 33.13% Sligo 17.10% Letterkenny 24.82% PORTFOLIO0-2 years 0.49% ANALYSIS 2-5 years 1.36% Killarney 11.12% Nutgrove 17.29% Killarney 12.64% Nutgrove 33.39% 5-10 years 9.56% OVERALL SPACE PER SCHEME TOTAL INCOME (PER ANNUM) UNEXPIRED LEASE PROFILE TO EXPIRY SCHEME VACANCY

Tullamore 14.73% Tullamore 12.05% Nutgrove Letterkenny Sligo Tullamore Killlarney Nutgrove Letterkenny Sligo Tullamore Killlarney 0-2 yrs 2-5 yrs 5-10 yrs 10yrs+ Nutgrove Letterkenny Sligo Tullamore Killlarney 10 years+ 88.59% Area sq. ft. 198,393 380,230 272,356 169,021 127,679 Total Rent €4,102,067 €3,048,456 €2,100,805 €1,479,830 €1,553,249 0-2 yearsTotal 0.49% €60,500 2-5€167,259 years 1.36% €1,173,860 €10,882,788 Vacant sq. ft. 14,355 28,796 47,258 21,227 6,073 Killarney 11.12% Nutgrove 17.29% Killarney 12.64% Nutgrove 33.39% 5-10 years 9.56% % Portfolio 17.29% 33.13% 23.73% 14.73% 11.12% % Portfolio 33.39% 24.82% 17.10% 12.05% 12.64% % Total 0.49% 1.36% 9.56% 88.59% Occupied sq. ft. 184,038 351,434 225,098 147,793 121,606 Sligo 23.73% Letterkenny 33.13% Sligo 17.10% Letterkenny 24.82% 0-2 years 8.07% Tullamore 14.73% Tullamore 12.05% % Vacant 7.24% 7.57% 17.35% 12.56% 4.76% 10 years+ 88.59% 0-2 years 0.49% 0-2 years 2-50.49% years 1.36% 2-5 years 1.36% 0-2 years 0.49% 2-5 years 1.36% 2-5 years 11.69% Killarney 11.12% KillarneyNutgrove 11.12% 17.29% Killarney 12.64%Nutgrove 17.29% Killarney 11.12% KillarneyNutgrove 12.64% 33.39% Nutgrove 17.29%Nutgrove 33.39% Killarney 12.64% Nutgrove 33.39% Killarney 4.76% Nutgrove 7.24% 5-10 years 9.56% 5-10 years 9.56% 5-10 years 9.56% Sligo 23.73% Letterkenny 33.13% Sligo 17.10% Letterkenny 24.82% 10 years+ 44.87%

Tullamore 14.73% Tullamore 14.73% Tullamore 12.05% Tullamore 14.73%Tullamore 12.05% Tullamore 12.05% Tullamore 12.56% Letterkenny 7.57% 10 years+ 88.59% 10 years+ 88.59% 10 years+ 88.59% 5-10 years 35.38% 0-2 years 8.07% Sligo 23.73% Sligo Letterkenny23.73% 33.13% Sligo 17.10%Letterkenny 33.13% Sligo 23.73% SligoLetterkenny 17.10% 24.82% Letterkenny 33.13%Letterkenny 24.82% Sligo 17.10% Letterkenny 24.82% 0-2 years 0.49% 2-5 years 1.36% Sligo 17.35% 2-5 years 11.69% 0-2 years 8.07% Killarney 11.12% Nutgrove 17.29% Killarney 12.64% Nutgrove 33.39% Killarney 4.76% Nutgrove 7.24% 5-10 years 9.56% 2-5 years 11.69% 10 years+ 44.87% Killarney 4.76% Nutgrove 7.24%

Tullamore 12.56% Tullamore 14.73% Tullamore 12.05% 10 years+ 44.87% Letterkenny 7.57% Tullamore 12.56% 10 years+ 88.59% 5-10 years 35.38% Letterkenny 7.57% 5-10 years 35.38% Local 3.44% Sligo 23.73% Letterkenny 33.13% Sligo 17.10% Letterkenny 24.82% 0-2 years 8.07% 0-2 years 8.07% 0-2 years 8.07% Sligo 17.35% COVENANT PROFILE (BY INCOME) Sligo 17.35% WAULT PER CENTRE UNEXPIRED LEASE PROFILE TO EARLIEST BREAK / EXPIRY TOP 15 TENANTS 20 2-5 years 11.69% 2-5 years 11.69% 2-5 years 11.69% Multinational €8,446,609 68.76% Nutgrove Letterkenny Sligo Tullamore Killlarney Total 0-2 yrs 2-5 yrs 5-10 yrs 10yrs+ Tenant Total passing rent pa No Leases % Total Rent Portfolio KillarneyNutgrove 4.76% 7.24% Nutgrove 7.24% Killarney 4.76% Killarney 4.76% Nutgrove 7.24% National 27.80% National €3,414,592 27.80% WAULT to Expiry Yrs 17.99 13.31 12.51 16.02 13.87 15.14 Total €991,065 €1,435,904 €4,345,718 €5,511,720 Homebase House & Garden Centre Limited €2,556,057 4 20.81% 10 years+ 44.87% 10 years+ 44.87% 10 years+ 44.87% 15 17.99 Local €423,205 3.44% WAULT to Break Yrs 13.86 8.95 7.90 10.68 4.21 10.02 % Total 8.07% 11.69% 35.38% 44.87% Harvey Norman Leasing (Rathfarnham) Limited €1,025,000 1 8.34% Tullamore 12.56% Tullamore 12.56% Tullamore 12.56% 16.02 Letterkenny 7.57% Letterkenny 7.57% Letterkenny 7.57% Local 3.44% ALDI Stores (Ireland) Limited €678,545 1 15.14 5.52% 13.86 13.87 5-10 years 35.38% 5-10 years 35.38% 13.31 5-10 years 35.38% 12.51 Multinational 68.76% Local 3.44% 20 Harry Corry Limited 10 €506,500 4 4.12% 0-2 years 8.07%

Atlantic Homecare Limited €500,000 10.68 1 4.07% National 27.80% 10.02 20 8.95 Sligo 17.35% Sligo 17.35% Sligo 17.35% 15 17.99 2-5 years 11.69% Argos Distributors (Ireland) Limited €475,846 3 3.87% 5 7.90 Killarney 4.76% Nutgrove16.02 7.24% New Look Retailers (Ireland) Limited €426,252 2 3.47% National 27.80% 15.14 13.86 13.87 13.31 4.21 17.99 12.51 10 years+ 44.87% Multinational 68.76% DSG Retail Ireland Limited €390,962 2 3.18% 15 10

Tullamore 12.56% 10.68 Halfords Limited €387,295 2 3.15% 16.02

10.02 0 8.95

15.14 Letterkenny 7.57% 7.90 13.86 The Health Service Executive €322,522 1 2.63%

13.87 5 13.31 5-10 years 35.38% Sligo Total 12.51 Multinational 68.76% 10 Boots Retail (Ireland) Limited €309,600 2 2.52% 4.21 Killarney

Local 3.44% Nutgrove 10.68 Local 3.44% Local 3.44% Arcadia Group Multiples Ireland Limited €297,000Tullamore 1 2.42%

10.02 0 Letterkenny 8.95 Sligo 17.35%

7.90 Heatons €281,600 1 2.29% Sligo 5 20 20 20 Total WAULT to Expiry Yrs WAULT to Break Yrs Killarney

Nutgrove MBCC Foods (Ireland) Limited €280,200 4 2.28% Tullamore Letterkenny 4.21 National 27.80% National 27.80% National 27.80% Prime Fitness Limited €270,000 1 2.20% WAULT to Expiry Yrs WAULT to Break Yrs 17.99 17.99 0 15 15 15 17.99 16.02 16.02 16.02 15.14 15.14 Sligo 15.14 Total 13.86 13.86 13.86 13.87 13.87 13.87 13.31 13.31 13.31 Killarney

12.51 Multinational 68.76% 12.51 Nutgrove 8 PORTFOLIO ANALYSIS 12.51 Multinational 68.76% Local 3.44% Multinational 68.76% PORTFOLIO ANALYSIS 9 Tullamore 10 10 10 Letterkenny 10.68 10.68 10.68 10.02 10.02 10.02 8.95 20 8.95 WAULT to Expiry Yrs WAULT to Break Yrs 8.95 7.90 7.90 5 5 5 7.90 National 27.80% 17.99 4.21 4.21 15 4.21

0 0 0 16.02 15.14 13.86 13.87 13.31 12.51

Sligo Multinational 68.76% Total Sligo Sligo Total 10 Total Killarney Killarney Killarney Nutgrove 10.68 Nutgrove Nutgrove Tullamore Tullamore Tullamore 10.02 8.95 Letterkenny Letterkenny Letterkenny

5 7.90 WAULT to Expiry Yrs WAULT to BreakWAULT Yrs to Expiry Yrs WAULT to Break Yrs WAULT to Expiry Yrs WAULT to Break Yrs 4.21

0 Sligo Total Killarney Nutgrove Tullamore Letterkenny

WAULT to Expiry Yrs WAULT to Break Yrs NATIONAL PORTFOLIO IRISH RETAIL INVESTMENT OPPORTUNITY

WHY INVEST IN IRISH RETAIL PROPERTY?

Irish retail property has experienced a strong recovery in recent years. Although still not back to peak, the underlying economic indicators affecting consumer confidence and spending are all improving and retail property is benefiting from this turnaround. This trend appears likely to continue.

STRONG ECONOMIC GROWTH FORECAST SUB-9% UNEMPLOYMENT LEVELS POSITIVE CONSUMER SENTIMENT CONSUMER SPENDING IS RISING RENTAL GROWTH FORECAST

• Ireland was the fastest growing economy in Europe in • The improvements in the economy are also positively • The Consumer Sentiment Index (ESRI) has increased in • Annual retail sales levels have increased in the last 12 months • The JLL Irish Property Index shows that across all retail sectors, ERV’s decreased by 51.6% 2014 with GDP growth of 4.8% (CSO) impacting labour markets the 12 months to May 2015 from 79.4 to 98.5 from the peak of the market in Q1 2008 to the trough in Q1 2014 • Values (8.3%) and Volumes (11.9%) are significantly higher • Forecasts show continued strength, with 3.7% and 3.8% • Unemployment levels have decreased from 15.1% in • Private sector PMI’s are also showing strong signs of than April 2014 (CSO) • Since they bottomed, they have increased by 10.0%, although they remain 46.7% lower increases in GDP in 2015 and 2016 respectively (Oxford February 2012 to 9.8% in April 2015 recovery than the peak Economics). This is the second highest in Europe for 2015 • IBEC forecast that the unemployment rate will continue • Inflation remains stable, with no inflationary pressure • Retail Capital Values have also decreased significantly, with falls of 70.4% from the • The increases are driven by a recovering domestic to decrease and will fall below 9% in 2015 on the economy peak in Q3 2007 to the trough in Q2 2013. Capital Values have increased for the last 7 economy, and continued growth in the export sector consecutive quarters, with an increase of 42.8% since the trough • GNP is also improving with increases of 5.2% in 2014 (CSO) • Retail Capital Values remain 57.7% below the peak of the market, and are therefore at a and forecast growth of 3.9% and 3.5% in 2015 and 2016 turning point in the cycle respectively (Central Bank)

IrelandIreland GDP GDP (CSO (CSO and and Oxford Oxford Economics) Economics)Ireland GDP Ireland (CSO GDP and (CSO Oxford and Economics) Oxford Economics) UnemploymentUnemployment Rate Rate (CSO) (CSO) UnemploymentUnemployment Rate (CSO)Consumer RateConsumer (CSO) Sentiment Sentiment Index Index (ESRI) (ESRI)ConsumerConsumer Sentiment Sentiment Index (ESRI) Index (ESRI)RetailRetail Sales Sales Index Index (CSO) (CSO) Retail SalesRetail Index Sales (CSO) Index (CSO) JLLJLL Irish Irish Property Property Index: Index: Retail Retail JLL Irish PropertyJLL Irish Index:Property Retail Index: Retail

6% 6% 6% 6% 16% 16% 16% 16% 140 140 140 140 10% 10% 10% 10% 30003000 3000 3000

4% 4% 4% 4% 14% 14% 14% 14% 120 120 120 120 5% 5% 5% 5% 25002500 2500 2500

12% 12% 12% 12% 2% 2% 2% 2% 100 100 100 100 0% 0% 0% 0% 20002000 2000 2000 10% 10% 10% 10% 0% 0% 0% 0% 80 80 80 80 8% 8% 8% 8% -5% -5% -5% -5% 15001500 1500 1500 Index Index Index Index

-2% -2% -2% -2% Index 60Index 60 Index 60 Index 60 6% 6% 6% 6% -10%-10% -10% -10% 10001000 1000 1000 Y-o-Y % Change Y-o-Y % Change Y-o-Y % Change Y-o-Y % Change

-4% -4% -4% -4% 40 40 40 40 Annual % Change Annual % Change Annual % Change Annual % Change Unemployment Rate Unemployment Rate Unemployment 4% Rate Unemployment 4% Rate Unemployment 4% Rate Unemployment 4% -15%-15% -15% -15% 500 500 500 500 -6% -6% -6% -6% 20 20 20 20 2% 2% 2% 2%

-8% -8% -8% -8% 0% 0% 0% 0% 0 0 0 0 -20%-20% -20% -20% 0 0 0 0 20062006200720072008200820092009201020102011 2011 201220062012201320072013200620142008201420072009 20082010 20092011 20102012 20112013 20122014 2013 2014 1 1 1 1 1 1 1 1 3 3 3 3 3 3 3 3 7 7 7 7 7 7 7 7 5 5 5 5 5 5 5 5 2 2 2 2 2 2 2 2 4 4 4 4 4 4 4 4 9 9 6 6 9 9 9 9 6 6 9 9 8 8 8 8 8 8 8 8 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2011 2011 2011 2011 0 0 0 0 1 1 1 1 9 9 9 9 2013 2013 2013 2013 9 9 0 0 9 9 0 0 9 9 9 9 2012 2012 2012 2012 0 0 0 0 2014 2014 2014 2014 0 0 0 0 0 0 0 0 0 0 0 0 2011 2011 2011 2011 0 0 0 0 0 0 0 0 0 0 0 0 2010 2010 2010 2010 0 0 0 0 0 0 0 0 2013 2013 2013 2013 2012 2012 2012 2012 2014 2014 2014 2014 2007 2007 2007 2007 0 0 0 0 2009 2009 2009 2009 2008 2008 2008 2008 2010 2010 2010 2010 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 9 9 9 9 2007 2007 2007 2007 9 9 9 9 9 9 9 9 2009 2009 2009 2009 2008 2008 2008 2008 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2 2 2 2 0 0 0 0 1 1 1 1 2 2 2 2 1 1 1 1 1 1 1 1 20 1 20 1 20 1 20 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 Apr-15 Apr-15 Apr-15 Apr-15 Jan 11 Jan 11 Jan 11 Jan 11

2 2 2 2 2 2 2 2 2 2 2 2 2015 (f) 2015 (f) 2015 (f) 2015 (f) 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 Jan 13 Jan 13 Jan 13 Jan 13 2016 (f) 2016 (f) 2016 (f) 2016 (f) 2 2 2 2 Jan 15 Jan 15 Jan 15 Jan 15 Jan 12 Jan 12 Jan 12 Jan 12 Jan 14 Jan 14 Jan 14 Jan 14 2 2 2 2 Jan 10 Jan 10 Jan 10 Jan 10 1 1 1 1 Jan 07 Jan 07 Jan 07 Jan 07 Jan 06 Jan 06 Jan 09 Jan 09 Jan 06 Jan 06 Jan 09 Jan 09 Jan 08 Jan 08 Jan 08 Jan 08 ValueValue VolumeVolume Value Value Volume Volume Q Q Q Q ERV ERV CapitalCapital Value Value ERV ERV Capital Value Capital Value

10 WHY INVEST IN IRISH RETAIL PROPERTY? WHY INVEST IN IRISH RETAIL PROPERTY? 11 NUTGROVE RETAIL PARK

CONTACTS & FURTHER INFORMATION

JOINT SELLING AGENTS SOLICITORS

Savills JLL Nutgrove Retail Park Letterkenny Retail Park / Sligo Retail Park / 33 Molesworth Street Styne House Tullamore Retail Park / Deerpark Shopping Park Dublin 2 Upper Hatch Street Dublin 2

Domhnaill O’Sullivan John Moran William Fry Arthur Cox [email protected] [email protected] 2 Grand Canal Square Earlsfort Terrace +353-1-618 1364 +353-1-673 1600 Dublin 2 Dublin 2

Kevin McMahon Margaret Fleming Edward Spain Mark Barr [email protected] [email protected] [email protected] [email protected] +353-1-618 1328 +353-1-673 1655 +353-1-639 5000 +353-1-618 0000

Brian Shields Brian O’Rourke [email protected] [email protected] +353-1-673 1678 +353-1-618 0000

PSRA: 002233 PSRA: 002273

Additional information, including detailed tenancy schedules, floor plans, financial information, title information and CVL files is available in the dedicated dataroom.

To request access please go to the dedicated website www.thenationalportfolio.com PROPERTY 1

PROPERTY MISREPRESENTATION ACT The joint agents and the Vendor give note that the particulars and information contained in this brochure do not form any part of any offer or contract and are for guidance only. The particulars, descriptions, dimensions, references to condition, permissions or licences for use or occupation, access and any other details, such NUTGROVE RETAIL PARK, RATHFARNHAM, DUBLIN 14 as prices, rents or any other outgoings are for guidance only and are subject to change. Maps and plans are not to scale and measurements are approximate. Whilst care has been taken in the preparation of this brochure intending purchasers or any third party should not rely on particulars and information contained in this brochure as statements of fact but must satisfy themselves as to the accuracy of details given to them. Neither Savills, JLL nor any of their employees have any authority to make or give any representation or warranty (express or implied) in relation to the property and neither Savills, JLL nor any of their employees nor the vendor shall be liable for any loss suffered by an intending purchaser/lessees or any third party arising from the particulars or information contained in this brochure. Prices quoted are exclusive of VAT (unless otherwise stated) and all negotiations are conducted on the basis that the purchasers shall be liable for any VAT PRIME SOUTH DUBLIN RETAIL PARK arising on the transaction. All maps produced by permission of the Ordnance Survey Ireland Licence No AU 001799 © Government of Ireland. July 2015. Designed and produced by Creativeworld. Tel +44 [0] 1282 858200

On the instructions of Simon Coyle, Receiver, Mazars

12 CONTACTS & FURTHER INFORMATION NATIONAL PORTFOLIO IRISH RETAIL INVESTMENT OPPORTUNITY

Nutgrove Retail Park

R 8 0 R N4 5 N1 1 31

R 1 48

R109 Dublin R

1 2 Kilmainham LOCATION

R1 11 Nutgrove Retail Park occupies a prominent corner position at the junction of

10 Nutgrove Avenue and Whitehall Road, directly opposite Nutgrove Shopping R8 Crumlin Ballsbridge R R1 1 34 1 8 Centre which is anchored by Dunnes Stores and Pennys. The scheme is R1 17 located in the heart of Rathfarnham, one of South Dublin’s principal suburban areas. Kimmage Rathmines Donnybrook

7 3 Nutgrove Retail Park is situated approximately 7 km south of St. Stephen’s 1 R R KEY INVESTMENT CONSIDERATIONS 1 Green, 4 km north of the M50 off Junction 13 (Dundrum). This affluent area 1 2 Ballymount benefits from excellent road links with the N81 providing fast and direct access 17 8 R R Terenure R 1 R 8 38 to the City Centre while the M50 provides access to all main arterial routes 1 2 1 5 3 M50 around Dublin and all surrounding suburban and commuter towns. 14 R 1 1 R 1 Belfield Including 5,339.8 sq. m. DODD 7 ER Over 600 car spaces Located in an established PA The area is well served by a variety of frequently operating Dublin Bus routes 18,431.3 sq. m. (198,392 sq. ft.) HILLSIDE DRIVERK (57,477 sq. ft.) of office and RO A from the adjacent Nutgrove Avenue (Whitehall Road) bus stop. at grade and residential area in D purpose built retail park leisure facilities on upper Rathfarnham basement levels South Dublin NUTGROVE RETAIL PARK Nutgrove Retail Park’s transport accessibility is aided by the location of the

B floors D N N31 UT E 7 A GR A U 3 D 1 O OV E LUAS Green Line stop at Dundrum which is approximately 1.6 km to the east R U M A E AVE Dundrum R A N V E O N O U E R

N of Nutgrove Retail Park and connects to St Stephen’s Green in under D E T O G N B UT Churchtown N

Y A ROAD R L R ON Stillorgan 15 minutes with services operating every 3 - 6 minutes during peak times.

1 R BART

L O N81 G 36 A B V Dublin Airport is located 17 km to the north. ST ENDAS E PARK W AY Current gross rent 76% income secured by WAULT of The park has high occupancy R133 R BALLAWLEY 1 1

6 PARK 7

of approximately Homebase, Harvey Norman approximately levels, with approximately 2 8

VE R A 3 13 ER 11 €4.1 million per annum and Aldi 13.9 years 93% of the scheme let R1 M50 TE R MARLEY BALLI N PARK

M50

14 PROPERTY 1 NUTGROVE RETAIL PARK, RATHFARNHAM, DUBLIN 14 PRIME SOUTH DUBLIN RETAIL PARK 15

1 1 Belarmine 4 R 1 R 1 1 R 1 7 DUBLIN CITY CENTRE MILLTOWN MILLTOWN UCD ELM PARK NUTGROVE NUTGROVE DUNDRUM GOLF CLUB AVENUE RETAIL NATIONAL PORTFOLIO CENTRE IRISH RETAIL INVESTMENT OPPORTUNITY

DESCRIPTION

Nutgrove Retail Park was developed in 2007 and extends to approximately 18,431.3 sq. m. (198,392 sq. ft.) providing 13,091.5 sq. m. (140,915 sq. ft.) of retail warehouse accommodation in addition to 5,339.8 sq. m. (57,477 sq. ft.) of overhead office and leisure accommodation in a linear shaped layout. There are approximately 619 customer car spaces within the Retail Park including 169 spaces within a single level surface car park.

Nutgrove Retail Park comprises five retail warehouse units in total and is anchored by Homebase. Other occupiers within this part of the scheme include Aldi, Harry Corry, Mr Price and Harvey Norman. Each of the subject units provides open plan retail warehouse accommodation and range in size from 698 sq. m. (7,513 sq. ft.) to 5,058 sq. m. (54,452 sq. ft.).

The scheme also includes an oval-shaped standalone Costa Coffee building of 484.9 sq. m. (5,219 sq. ft.) over ground and first floor levels. The unit is at the western end of the retail park and benefits from an excellent profile onto Nutgrove Avenue.

The office accommodation, which is situated above ground floor retail Units 2, 3 and 4, is modern and well-presented and is laid out in a mix of open plan and cellular space.

NUTGROVE RETAIL PARK

The specification of Units 8 and 12 includes raised access floors and suspended ceilings while Unit 13 is currently finished to a shell condition. The office units range in size from 410.1 sq. m. (4,414 sq. ft.) to 496 sq. m. (5,339 sq. ft.).

The scheme also includes an Energie Fitness Centre which is situated within Unit 7 and NUTGROVE is located at first and second floor level. The unit provides a gym and leisure facility which SHOPPING CENTRE includes a 20 metre pool and two cardio studios and extends to a total area of 2,323.1 sq. m. (25,006 sq. ft.).

Access to all upper floor units is provided by two lift and stair core lobbies, one adjacent to Homebase and one adjacent to Harvey Norman. These lifts also service the basement. Homebase also have a dedicated customer lift at the entrance to their store which provides access to the basement car park.

The service access to Nutgrove Retail Park is from the western end of the scheme off Whitehall Road and runs along the northern perimeter of the scheme.

The Retail Park sits on a site area of approximately 2.7 hectares (6.67 acres).

16 PROPERTY 1 NUTGROVE RETAIL PARK, RATHFARNHAM, DUBLIN 14 PRIME SOUTH DUBLIN RETAIL PARK 17 0 years to 2 years 0.5% 2 years to 5 years 0.5%

R 8 0 R N4 5 N1 1 31

R 1 10 years + 99% 48

R109 NATIONAL PORTFOLIO IRISH RETAIL INVESTMENT OPPORTUNITY Dublin

2 Kilmainham 0 years to 2 years 11%

5 years to 10 years 2% CATCHMENT DETAILS R 111 10 years + 87%

Nutgrove Retail Park is situated in a densely developed and prosperous suburb of South Dublin. Its 10 R8 Crumlin Ballsbridge R 1 catchment extends to include Rathmines and Rathgar to the north, all of the greater Rathfarnham area 1 TENANCY OVERVIEW 8 and parts of Templeogue to the west and south, and much of Dundrum is within a 10 minute drivetime. R1 17 Nutgrove Retail Park is let to a total of 10 tenants including Homebase, The bespoke catchment area of Nutgrove Retail Park has 85,298 persons. 55% of the population are Donnybrook Harvey Norman, Aldi and HSE. The current total rent is €4,102,067 per annum. within the 25 – 64 years category. Education is well above the national average with 46% of the population Kimmage Rathmines over 15 having a third level degree compared to 25% nationally. Employment is high, and 56% of the Energie Fitness 7% 7 3 working population are in the top two Social Class categories (Professional & Managerial) compared to 1 HSE 8% R 0 years to 2 years 0.5% 2 years to 5 years 0.5% R 35% nationally. This all drives expenditure which at €1,024 per week per household is 22% higher than the 1 1 national average. 2 Homebase 35% Ballymount 7 Aldi 17% 81 R R Population Change 2002 - 2011 R 8 10 years + 99% 1 2 1 5 INCOME PROFILE 3 14 M50 1 Harvey Norman 25% R Belfield Area Area (% Change) The weighted average unexpired term is 18 years to lease expiries and 13.9 years to break options. B Total Population 2002 87,095 0.13% RA EM OR Covenant Strength by Income R Income Profile (Expiry) Total Population 2006 85,519 -1.81% D Rathfarnham 0 years to 2 years 0.5% 2 years to 5 years 0.5% In the region of 82% of the current income is NUTGROVE RETAIL PARK 0 years to 2 years €15,000 0.5% Total Population 2011 85,298 -0.26% 0 years to 2 years 0.5% 2 years to 5 years 0.5% secured against multinational covenants. National 18% 2 years to 5 years €13,000 0.5% 0 years to 2 years 11% D NU N31 2 T A 2 G 37 R Dundrum 5 years to 10 years 2% 8 O R1 O VE UE 5 years to 10 years €0 0% Multinational €3,381,545 82% R R N A V E N 10 years + 99% D Multinational 82% E R 10 years + €4,074,067 99% National €720,522 18% Category of Spend € D O E 10 years + 99%

G N B UT 10 years + 87%

G Average Weighted Unexpired Term 18 years

Y N A Stillorgan

R L R 1 R

Food 3 243,358,449 N81 L O 6 A G B V E Alcoholic Drink & Tobacco 115,680,997 W AY Clothing & Footwear 82,366,796 R133

R R

Housing 360,208,984

Top 5 Tenants by Income

1 Income Profile (Breaks) 0 years to 2 years 11%

Durable Household Goods 60,455,894 3 Energie Fitness 7% 3 11 50 yearsyears toto 102 yearsyears 11%2% R11 M50 R 0 years to 2 years €450,522 11% Tenant Current Gross Rent % of Total 5 years to 10 years 2% Non-Durable Household Goods 29,959,123 2 years to 5 years €0 0% (Per Annum) Gross Rent HSE 8% 10 years + 87% Fuel & Light 57,358,450 M50 5 years to 10 years €65,000 2% Homebase €1,428,000 35% 10 years + 87% Homebase 35% Aldi 17% Miscellaneous Goods and Services 579,329,133 10 years + €3,586,545 87% Harvey Norman €1,025,000 25% Average Weighted Unexpired Term 13.9 years Transport 214,429,732 Aldi €678,545 17% 10 Min Drivetime Catchment The Health Service €322,522 8% Harvey Norman 25% Total Expenditure 1,743,147,557 Executive

1 1 Energie Fitness €270,000 7% Source HBS 2009/10 4 R Energie Fitness 7% 1 R 1 1 R 1 7 Energie Fitness 7% HSE 8% HSE 8% National 18% Homebase 35% Aldi 17% Homebase 35% Aldi 17% Multinational 82%

Harvey Norman 25% Harvey Norman 25% 18 PROPERTY 1 NUTGROVE RETAIL PARK, RATHFARNHAM, DUBLIN 14 PRIME SOUTH DUBLIN RETAIL PARK 19

National 18% National 18%

Multinational 82% Multinational 82% NATIONAL PORTFOLIO IRISH RETAIL INVESTMENT OPPORTUNITY

SITE PLAN

HOMEBASE GARDEN CENTRE SERVICE YARD

UNIT 2

UNIT 3 UNIT 1 UNIT 5 UNIT 4 ACCOMMODATION WHITEHALL ROAD

Unit Demise Use Tenant Area Sq. M. Area Sq. Ft. 1 Ground Floor Retail Homebase 4,096.0 44,089 Mezzanine 962.8 10,363 2 Ground Floor Retail Aldi 1,796.4 19,336 169 SURFACE CAR PARK SPACES 3 Ground Floor Retail Harry Corry 719.1 7,740 4 Ground Floor Retail Mr Price 698.0 7,513 5 Ground Floor Retail Harvey Norman 4,233.6 45,570 Mezzanine 100.7 1,084

7 First Floor Gym Energie Fitness 1,270.8 13,679 TO BASEMENT CAR PARK Second Floor 1,052.3 11,327 CAR PARK ENTRANCE 8 First Floor Offices Vacant 427.5 4,602 9-11 Second Floor Offices The Health Service Executive 1,683.1 18,117 12 Third Floor Offices Vacant (Under Offer) 496.0 5,339

13 Third Floor Offices Vacant 410.1 4,414 NUTGROVE AVENUE Oval Building Ground Floor Retail Costa Coffee 260.3 2,802 First Floor 224.6 2,418 TOTAL 18,431.3 198,392 Roof Aerial Roof Aerial Antennae Irish Broad Band Aerial Basement Basement Other Crystal Clean For illustrative purposes only

The above areas which are calculated on a Gross Internal Area basis were provided by Malcolm Hollis. An assignable measurement survey is provided in the data room.

20 PROPERTY 1 NUTGROVE RETAIL PARK, RATHFARNHAM, DUBLIN 14 PRIME SOUTH DUBLIN RETAIL PARK 21 ASSET MANAGEMENT

There are numerous asset enhancement and development opportunities at Nutgrove Retail Park to drive the income stream in the short to medium term. These include: LETTERKENNY RETAIL PARK 1. Potential to develop a retail pod / pharmacy on the site adjacent to Harvey Norman. The pharmacy use would complement the doctor and HSE uses on the upper floors and increase use and increase footfall.

2. Let up the current vacant offices to increase rent roll and investment return.

BER DETAILS

BER No’s: Available on the data room.

TITLE

The property is held Freehold.

PROPERTY 2

LETTERKENNY RETAIL PARK, CO. DONEGAL PRIME RETAIL PARK WITH STRONG FASHION OFFER

On the instructions of Kieran Wallace and Patrick Horkan, Receivers, KPMG

22 PROPERTY 1 NUTGROVE RETAIL PARK, RATHFARNHAM, DUBLIN 14 NATIONAL PORTFOLIO IRISH RETAIL INVESTMENT OPPORTUNITY

Letterkenny Retail Park

WINDY H To Dunfanaghy ALL N56

LOCATION LO T N HE G L A N56 GR NE Letterkenny is the largest town in Ulster (Republic of Ireland part) with 19,588 A D N A G E O persons and it is Donegal’s largest town. The population of Letterkenny grew R

N IN A AG by over 11% in the 5 years to 2011 due to a combination of natural increase and N N E GH R OU inward migration. The entire County is within the catchment of Letterkenny GLE C L NC M A L and it is the main shopping and business centre for Donegal. Within a 45 R I K RO A D minute drive are a number of major towns including Donegal Town, Lifford, LAR ROAD R245 RCU Buncrana, Balleyboffey, Gweedore, and Milford. It is 35 minutes from Derry CI DE V KEY INVESTMENT CONSIDERATIONS AL AD City. E RO R E D E TL R T O E G

G E The town has a rich combination of facilities and attractions. It is a cathedral L R Letterkenny E T N S N LTO ROA C EW D ME D town with a mix of Georgian and Victorian architecture. Letterkenny Town N A H A LI NE RO A R G R I R N56 Council is based in Letterkenny, and employment is also provided by a H Letterkenny is an open Strong fashion presence Other leading occupiers O ET R A RE 24 D ST 5 38 unit retail park 35,324.56 sq. m. RT substantial hospital, the HQ of the Department of Social and Family Affairs, consent scheme with an with leading names such include Homebase, PO P C OR and a series of large employers such as Boston Scientific and Pramerica. A T immediately adjoining (380,230 sq. ft.) purpose ST R LE OA offer equivalent to a large as New Look, M&S, TK Maxx, Halfords, Argos, ST T D Letterkenny Institute of Technology has a student population of 3000, and E N1 the town centre built retail park E 4 R shopping centre River Island, Next, H&M Boots and Smyths Toys T the town offers a host of sporting, theatre and festival attractions. Donegal is S D A N I O a thriving tourist centre attracting visitors from overseas, Ireland and Northern A R E M S LETTERKENNY RETAIL PARK R R2 Ireland. A 5 E 0 R250 P EY ROAD Letterkenny is most easily accessed by road, with high quality roads linking LT BLAN NEI To Derry/ Very busy centre, dominant 0 the town to Sligo (1.5 hours), Belfast (2 hours) and Dublin (3 hours). Multiple Lidl, Dunnes Stores Income set to increase 5 2 ER SWIL N14 Current gross rent Secure income WAULT R IV LY Dublin and McDonalds in its catchment of the from existing tenants R bus services, (public and private) operate to the town, and air links are through of approximately of approximately City of Derry Airport and the local Donegal Airport. (not included in sale) North West, including parts and through letting of €3.05 million per annum 9 years provide further anchors of Northern Ireland vacant space LECK ROAD

L1114

24 PROPERTY 2 LETTERKENNY RETAIL PARK, CO. DONEGAL PRIME RETAIL PARK WITH STRONG FASHION OFFER 25 GALLAGHER’S LETTERKENNY AN GRIANÁN LETTERKENNY LETTERKENNY LETTERKENNY INSTITUTE HOTEL MAIN STREET THEATRE COMMUNITY CENTRE SHOPPING CENTRE OF TECHNOLOGY NATIONAL PORTFOLIO IRISH RETAIL INVESTMENT OPPORTUNITY

LETTERKENNY RETAIL PARK DESCRIPTION

Letterkenny Retail Park is located in the heart of the town on Paddy Harte Road, just off the main N13 and N24 roads from the south. It covers a site of approximately 27.5 acres and the Park extends to Pearse Road at its northern boundary, which is one block from Main Street. In addition to the four phases which make up the Retail Park, a large Radisson Blu Hotel is PHASE 3 adjacent and there is an apartment development over phase 3 (not included).

Letterkenny Retail Park was developed in 4 phases. Phase 1 is a single aspect parade of 7 units with a dedicated car park. There is a standalone McDonalds with a drive thru and a Lidl RADISSON supermarket in separate ownership. Phases 2 and 4 form a single long parade of 14 units with a BLU HOTEL strong fashion offer including H&M, TK Maxx, Next, New Look, River Island, M&S as well as Boots, Argos, Dealz and a number of cafes. Phase 3 has 17 units and is anchored by Dunnes Stores (long lease) and Homebase. Tenants include Halfords, Smyths Toys and Costa Coffee, as well as a range of local convenience and service retail facilities.

The entire Park totals 35,324.56 sq. m. (380,230 sq. ft,) located on a site of approximately PHASE 4 27.5 acres.

All phases of Letterkenny Retail Park offer extensive car parking. Recently installed car counters suggest that, at an average of PHASE 2 2 persons per car, the Park has a footfall of PHASE 1 around 88,000 per week which compares with many strong Dublin locations. The attraction of Letterkenny Retail Park to tenants is underpinned by the increased occupation in recent years, the decision of H&M to open a large new store, and of strong retailers such as TK Maxx and Next to regear leases and remain in the Park. CENTURY CINEMA

26 PROPERTY 2 LETTERKENNY RETAIL PARK, CO. DONEGAL PRIME RETAIL PARK WITH STRONG FASHION OFFER 27 2 years to 5 years 5.06%

5 years to 10 years 18.12%

10 years + 76.82% NATIONAL PORTFOLIO IRISH RETAIL INVESTMENT OPPORTUNITY

0 years to 2 years 0.4%

2 years to 5 years 20.61% CATCHMENT DETAILS

10 years + 31.96% Letterkenny has a natural catchment area of the entire county of Donegal, the majority of which is within a 60 minute drivetime. This drivetime extends TENANCY OVERVIEW

into Northern Ireland, with the most frequent visitors being from areas within 5 years to 10 years 47.03% Inishtrahull Fermanagh, Derry and Tyrone. It should be noted that the Northern Ireland Letterkenny Retail Park is approximately 92% let with 4 vacant units. The total catchment area varies according to the exchange rate differential. current rent payable is €3.05 million per annum.

Tory Island The bespoke population area has a population of 161,137 and experienced higher 2 years to 5 years 5.06% than national growth in the 2006-2011 period. Households with car ownership Halfords 6.14% 5 years Homebaseto 10 years 18.12%9.02% is higher than the national average (84% compared to 82%) and outright Rathlin Island home ownership with no mortgage is 43% compared at national level of 34%. Carndonagh M&S 7.07% Letterkenny town, including the Retail Park is dominant within its catchment with Carrickart N56 Moville Portrush Bushmills Ballycastle the strongest comparison shopping offer in the county. Portstewart Derrybeg A2 INCOME PROFILE 10 years + 76.82% Buncrana A2 LOUGH A2 Dealz 8.41% Coleraine New Look 8.36% Population Change 2002 - 2011 FOYLE A26 The weighted average unexpired term is 13.3 years to lease expiries and 9 years to earliest break option CITY OF A37 A44 DERRY Aran Ballymoney Cushendall or expiry. Area Area (% Change) Island A2 Limavady N13 LETTERKENNY A54 Garron LONDONDERRY Point Total Population 2002 137,575 5.83% A43 Income Profile (Expiry) 2 years to 5 years 5.06% Covenant Strength by Income 2 years to 5 years 5.06% 0 years to 2 years 0.4% N14 Local 12.65% A29 5 years to 10 years 18.12% Dungiven 5 years to 10 years 18.12% In the region of 66% of the current income is Total Population 2006 147,264 7.04% 0 years to 2 years €0 0.00% 2 years to 5 years 20.61% Derrybeg A6 A26 secured against multinational covenants. Total Population 2011 161,137 9.42% N13 2 years to 5 years €154,259 5.06% Naran A42 Liﬀord A6 M2 National 21.42% Ballygalley5 years Head to 10 years €552,360 18.12% Multinational €2,009,890 65.93% 10 years + 31.96% Multinational 65.93% N15 Strabane Maghera Ballymena Ballybofey Larne 10 years + €2,341,837 76.82% 10 years + 76.82% National €652,860 21.42% A36 Island Category of Spend € AverageMagee Weighted Unexpired Term 13.3 years Local €385,705 12.65%

Malin Beg A26 N56 5 years to 10 years 47.03% A8 Food 374,147,700 Castlederg Newtownstewart Magherafelt Randalstown Killybegs 3 Donegal A5 2 1 7 Ballyclare Whitehead A31 M22 6 Alcoholic Drink & Tobacco 165,344,830 Moneymore A6 5 CarrickfergusIncome Profile (Breaks) Top 5 Tenants by Income Antrim M2 BELFAST 1 NewtownabbeyUG H 4 L O INTERNATIONAL T 0 years to 2 years 0.4% Clothing & Footwear 103,697,845 A S Bangor A2 St John's Cookstown L F 0 years to 2 years €12,000 0.40% Tenant Current Gross Rent % of Total Point Omagh A505 LOUGH M5 B E Crumlin 2 A2 Donaghadee y A29 2 years to 5 years 20.61% (Per Annum) Gross Rent Halfords 6.14% Homebase 9.02% Housing 382,466,771 a N15 Holywood2 years to 5 years €628,349 20.61% a l B A32 BELFAST 1 A48 n e g Ballyshannon NEAGH BELFAST D o A47 1 CITY 5 years to 10 years €1,433,795 47.03% Homebase House & €275,000 9.02% A50 A22 Durable Household Goods 76,312,022 Bundoran LOWER LOUGH A45 Coalisland 2 Newtownards ERNE A55A23 A30 Comber 10 years + 31.96% Garden Centre Ltd A35 S 10 years + 31.96% M&S 7.07% 10 yearsT + €974,312 31.96% Inishmurray Dungannon R A45 14 A Non-Durable Household Goods 45,198,969 Lisburn Carryduﬀ N Downpatrick A4 15 AverageG Weighted Unexpired Term 9 years MARCO TOLO Ltd €256,445 8.41% Head 13 6 F 12 9 O N15 A32 10 7 M4 11 Lurgan A21 R - Musgrave Retail Fuel & Light 116,187,342 A49 D A22 Dealz 8.41%

Lenadoon 1 L New Look 8.36%

Point Sligo Craigavon O 5 years to 10 years 47.03% Partners Ireland A28 U A7

Miscellaneous Goods and Services 670,148,174 Bay N Portadown G (sublet to Dealz) H

Killala 2 Dromore Enniskillen Ballynahinch Killyleagh Bay A1 Transport 363,408,686 Sligo LOUGH New Look Retailers €255,000 8.36% GILL N16 Banbridge A24 Portaferry 60 Min Drivetime CatchmentA51 Tandragee (Ireland) Ltd Total Expenditure 2,296,912,339 N59 Downpatrick M&S (Ireland) Ltd €215,495 7.07% UPPER Lisnaskea A34 A50 A25 LOUGH Monaghan N12 A2 Halfords 6.14% Homebase 9.02% Local 12.65% ERNE A28 A1 Keady A27 Halfords Ltd €187,300 6.14% Source HBS 2009/10 Ballina Castlewellan Rathfriland LOUGH Newtownbutler A25 ALLEN Clones A25 LOUGH M&S 7.07% N2 M&S 7.07% N17 N4 ARROW Newcastle National 21.42% N26 N87 N54 A25 Multinational 65.93% LOUGH Ballybay Newry Dundrum Bay CONN Castleblayney N3 Warrenpoint Dealz 8.41% N58 LOUGH KEY A92 New Look 8.36% Cootehill N1 Rostrevor Swinford A2 Boyle Crossmaglen KNOCK N5 LOUGH Leitrim Kilkeel 28 PROPERTY 2 LETTERKENNY RETAIL PARK, CO. DONEGAL INTERNATIONAL GARA Carrick-on- Cavan PRIME RETAIL PARK WITH STRONG FASHION OFFER 29 N5 Shannon N53

Ballaghaderreen N61 Dundalk

N4 N84 Carrickmacross N1 Dundalk Bay Bailieborough Local 12.65% N83 N2

N60 N17

N55 Ballyhaunis N60 Castlerea Ardee Dunamy Claremorris Point National 21.42% Granard Multinational 65.93% N52 NATIONAL PORTFOLIO IRISH RETAIL INVESTMENT OPPORTUNITY ACCOMMODATION SITE PLAN - PHASE 1

Unit Demise Tenant Area Sq. M. Area Sq. Ft. Unit Demise Tenant Area Sq. M. Area Sq. Ft. RP1 Unit 02 - 04 Ground Petworld / Cooneys 2,984.23 32,122 RP3 Units 02 & 03 Ground Vacant 946.03 10,183 Mezzanine 179.86 1,936 RP3 Unit 04 Ground Homebase 2,237.48 24,084 RP1 Unit 05 Ground Harry Corry 445.10 4,791 Mezzanine 955.51 10,285 RP1 Unit 06 Ground Vacant 446.03 4,801 RP3 Units 05 & 06 Ground Smyths Toys 1,886.40 20,305 RP1 Unit 07 Ground Vacant 446.77 4,809 RP3 Unit 07 Ground Halfords 700.30 7,538 PHASE 1 PHASE Mezzanine 134.62 1,449 Mezzanine 462.94 4,983 RP1 Units 08 - 09 Ground Xtra-Vision Retail Ltd 627.37 6,753 RP3 Unit 08 Ground Vacant 701.79 7,554

Mezzanine 124.12 1,336 RP3 Unit 09 Ground McGee Butchers 237.18 2,553 PADDY HARTE ROAD Total Phase 1 5,388.10 57,997 Mezzanine 233.37 2,512 RP3 Unit 10 Ground Fabrics & Alterations 234.58 2,525 Unit Demise Tenant Area Sq. M. Area Sq. Ft. Mezzanine 234.21 2,521 UNIT 1 RP2 Units 01 - 03 Ground Dealz 1,370.04 14,747 RP3 Unit 11b Ground Pets Plus 116.50 1,254 Mezzanine 259.01 2,788 Mezzanine 115.57 1,244 RP2 Unit 03a Ground Right Price Tiles 447.79 4,820 RP3 Unit 11a Ground The Postal Store 116.50 1,254 Mezzanine 5.11 55 Mezzanine 115.29 1,241 UNIT 2 - 4 RP2 Unit 03b Ground Bread & Butter 163.70 1,762 3 PHASE RP3 Unit 12b Ground Planet Baby 231.70 2,494 Mezzanine 125.42 1,350 Mezzanine 233.84 2,517 SERVICE YARD RP2 Units 04 - 07 Ground TK Maxx 1,831.12 19,710 RP3 Unit 13b Ground Carphone Warehouse 114.83 1,236 Mezzanine 1,682.38 18,109 Mezzanine 115.29 1,241 RP2 Unit 08 Ground Boots 447.42 4,816 RP3 Unit 13a Ground The Kitchen 116.31 1,252

PHASE 2 PHASE Mezzanine 148.46 1,598 Mezzanine 115.29 1,241 UNIT 5 RP2 Units 09 -10 Ground Next 920.11 9,904 RP3 Unit 14 Ground Sofa World 235.14 2,531 Mezzanine 613.90 6,608 Mezzanine 234.30 2,522 UNIT 6 VACANT RP2 Units 11-12 Ground Argos 908.04 9,774 RP3 Unit 15a Ground Jules Hair Supplies 116.13 1,250 UNIT 7 Mezzanine 654.97 7,050 Mezzanine 115.20 1,240 VACANT RP2 Unit 12a Ground Swing Room Café 70.42 758 RP3 Unit 15b & 16 Ground Premaman 353.96 3,810 UNIT 8 - 9 RP2 Units 13 - 14 Ground Menarys 932.19 10,034 Mezzanine 350.71 3,775 Mezzanine 940.09 10,119 RP3 Unit 19 Ground Costa Coffee 143.07 1,540 Total Phase 2 11,520.17 124,002 Total Phase 3 11,769.43 126,685

Unit Demise Tenant Area Sq. M. Area Sq. Ft. UNIT 10 RP4 Units 1 & 2 Ground New Look 791.44 8,519 The above areas which are calculated on a Gross Internal Area basis were provided by Malcolm Hollis. An assignable measurement survey is provided in the data room. Mezzanine 665.00 7,158 CAR PARK ENTRANCE RP4 Unit 3 Ground River Island 471.02 5,070 CAR PARK ENTRANCE Mezzanine 471.48 5,075 RP4 Unit 4 Ground Evolve Menswear 470.74 5,067 Mezzanine 349.13 3,758

PHASE 4 PHASE LECK VIEW LANE RP4 Unit 5 & 6 Ground H&M 949.38 10,219 Mezzanine 937.02 10,086 RP4 Unit 7 Ground M&S 1,179.22 12,693 Mezzanine 362.42 3,901 Total Phase 4 6,646.85 71,546 For illustrative purposes only

30 PROPERTY 2 LETTERKENNY RETAIL PARK, CO. DONEGAL PRIME RETAIL PARK WITH STRONG FASHION OFFER 31 NATIONAL PORTFOLIO IRISH RETAIL INVESTMENT OPPORTUNITY

SITE PLAN - PHASE 3

UNIT 4 SERVICE YARD UNIT 8 UNIT 7 UNITS 5–6 UNIT 4 FUTURE DEVELOPMENT SITE VACANT SUBJECT TO PLANNING SERVICE AREA GARDEN SITE PLAN - PHASE 2 & 4 CENTRE

UNIT 3 VACANT

UNIT 1 SERVICE UNIT 2 YARD VACANT

UNIT 19

UNIT 9 McGEE

BUTCHERS

UNIT 10 FABRICS & ALTERATIONS

UNIT 11B PET PLUS

UNIT 11A STORE THE POSTAL

UNIT 12B PLANETBABY UNIT 1

UNIT 13B CARPHONE WAREHOUSE UNIT 13A

THE KITCHEN

UNIT 14 UNIT 7 UNITS 5–6 UNIT 4 UNIT 3 UNITS 1–2 SOFA UNITS 1–3 UNIT 3A WORLD

UNITS 4–7 UNIT 8 UNITS 9–10 UNITS 11–12 UNITJULES 15B UNITS 13–14 UNIT 15A UNIT PREMAMAM 3B LETTERKENNY UNIT UNIT 16

NEIL T BLANEY ROAD 12A PREMAMAM

NEIL T BLANEY ROAD

CAR PARK ENTRANCE PADDY HARTE ROAD

CAR PARK ENTRANCE CAR PARK ENTRANCE

For illustrative purposes only For illustrative purposes only

32 PROPERTY 2 LETTERKENNY RETAIL PARK, CO. DONEGAL PRIME RETAIL PARK WITH STRONG FASHION OFFER 33 ASSET MANAGEMENT

There is an opportunity to increase income by leasing the vacant units. H&M have a rent free period which will increase return when expired, around 2018. The site in Phase III offers future development possibilities, whether retail or other mixed use. The entire park should benefit from economic recovery – it is dominant in its catchment and has a stronger tenant mix than most shopping centres. Fashion retailers have been keen to remain in occupation with regeared leases, and other such opportunities will occur in the future.

BER DETAILS

BER No’s: Available on the data room. SLIGO RETAIL PARK TITLE

The property is held Freehold / Long Leasehold.

PROPERTY 3

SLIGO RETAIL PARK, CO. SLIGO LONG INCOME RETAIL PARK

On the instructions of Kieran Wallace and Patrick Horkan, Receivers, KPMG

34 PROPERTY 2 LETTERKENNY RETAIL PARK, CO. DONEGAL NATIONAL PORTFOLIO IRISH RETAIL INVESTMENT OPPORTUNITY

Sligo Retail Park

To Donegal To Enniskillen

R2 Finisklin 86 Business Park Sligo LOCATION

Sligo is a scenic town in the North West county of Sligo, facing the Atlantic Ocean. R286 R292 With a total population of 19,452 in 2011, it is the main county town. The offices of 92 Sligo Station

L R2 Sligo County Council are located in the town along with other public uses such

A R

K as Sligo General Hospital and the third level Institute of Technology, Sligo and

I L R specialist nursing and health college St Angela’s. Kevinsfort L 8

7 R R 2 0 D N4 87 Sligo town provides a range of service employment, and the pharmaceutical AN RD OOG Cleveragh industry is a large employer, most notably Abbott (Ireland) Ltd. The town centre BALLYD D R offers a varied range of high street retailers along Wine Street, O’Connell Street, D KEY INVESTMENT CONSIDERATIONS L E I Grattan Street and High Street. Sligo Retail Park is the main peripheral Park F K A CL offering a range of bulky goods, household and other home goods, as well a O EV ER AG strong range of restaurants. Sligo is a major tourist centre and a key stop on the H R D Wild Atlantic Way, with a strong sightseeing and sporting draw, particularly for 25,302.6 sq. m. Strong food offer with Easily accessible from watersports including surfing. 18 unit retail park with (272,355 sq. ft.) purpose 3 restaurants at entrance Sligo town centre and N4 O Sligo Retail Park is located on the main road into the town from both Dublin and

ample car parking A K Galway, the N4. Its catchment includes towns such as Ballina, Tubbercurry, Carrick built retail park to Park (Dublin/Galway Road) F I

L on Shannon, Manorhamilton and Bundoran. Donegal Town is under an hour away

Woodtown C H R and towns in Northern Ireland such as Enniskillen are within the catchment range E 7 Lodge O

S 8 L

2 Y W particularly when exchange rates are positive for the Euro.

R SLIGO RETAIL PARK

N4 D Sligo Retail Park is located in the townland of Carraroe (also known as Carrowroe). C Carraroe A The Sligo Park Hotel is located nearby and the town centre is within 10 minutes’ Passing rent Long secure income IR N 36% income secured by S R drive. The Park is accessed from a roundabout on Pearse Road leading to the three of approximately WAULT of approximately To Galway D Homebase and Halfords /Dublin restaurants, McDonalds, KFC and Costa Coffee, and to the car park and retail park €2.10 million per annum 7.9 years units which are arranged in an L-shape with 15 further units. An access road leads to The Hawthorns residential estate to the east of the Park

Cranmore

36 PROPERTY 3 SLIGO RETAIL PARK, CO. SLIGO LONG INCOME RETAIL PARK 37 N4 SLIGO TOWN CENTRE SLIGO PARK SLIGO GENERAL MARKIEVICZ SLIGO RACE (DUBLIN/GALWAY) HOTEL HOSPITAL PARK STADIUM COURSE NATIONAL PORTFOLIO IRISH RETAIL INVESTMENT OPPORTUNITY

DESCRIPTION

Sligo Retail Park is arranged in an L-shape, with the 3 food units clustered at the entrance. The entire totals 25,302.60 sq. m. (272,355 sq. ft.). The Retail Park is located on a site of approximately 30 acres. The general structure of the retail units comprises a steel portal frame/steel space frame supporting the roof and upper floor loads.

Sligo Retail Park is anchored by Homebase, and offers a strong mix of international names including Homebase, Currys/PC World, Halfords and strong national retailers such as Homestore+More, Harry Corry and Smyths Toys.

The strong food offer is unusual for a retail park and enhances traffic to the location. Opposite these restaurants is a site of around 5.5 acres which is available for a further phase of development, subject to planning. SLIGO RETAIL PARK There are approximately 1,000 surface car parking spaces serving the Retail Park and approximately 85 further spaces adjoining the restaurants. An enclosed service yard is provided to the rear of all retail units.

For indicative purposes only

38 PROPERTY 3 SLIGO RETAIL PARK, CO. SLIGO LONG INCOME RETAIL PARK 39 0 years to 2 years 1.79%

5 years to 10 years 26.89%

10 years + 71.32% NATIONAL PORTFOLIO IRISH RETAIL INVESTMENT OPPORTUNITY

0 years to 2 years 1.79%

2 years to 5 years 20.95% CATCHMENT DETAILS 45 Min Drivetime Catchment 10 years + 15.10% Sligo Retail Park’s catchment area includes all of Sligo county, including the main county town in which it is situated, and extends into the neighbouring counties of Mayo, Roscommon and Leitrim to include TENANCY OVERVIEW

towns such as Ballina, Boyle and Carrick on Shannon. Like Letterkenny, Sligo benefits from cross-border 5 years to 10 years 62.16% trade from Northern Ireland when the exchange rate is favourable. Malin Beg Sligo Retail Park is let to a total of 14 tenants, with four vacant units. Killybegs The current rent payable is €2.10 million per annum. The bespoke population area has a population of 128,900 persons, with 32% of the population under 25 Donegal years of age. Employment has been traditionally strong in the area (the catchment had the same level of 0 years to 2 years 1.79% McDonalds 6.29% unemployment as the national average in 2011). 5 years to 10 years 26.89% Ogalas 7.62% N15

Population Change 2002 - 2011 Ballyshannon Halfords 9.52% Homebase 26.89% y a e g a l B D o n Area Area (% Change) INCOME PROFILE 10 years + 71.32% Bundoran Total Population 2002 113,289 4.09% DSG Retail 18.61% The weighted average unexpired term is 12.51 years to lease expiries and 7.9 years to earliest break Total Population 2006 120,801 6.63% option or expiry. N15 Total Population 2011 128,900 6.70% Sligo N16 Income Profile (Expiry) 0 years to 2 years 1.79% Covenant Strength by Income 0 years to 2 years 1.79% 0Local years 1.79% to 2 years 1.79% Bay Killala 5 years to 10 years 26.89% In the region of 70% of the passing rent is SLIGO 0 years to 2 years €37,500 1.79% 2 years to 5 years 20.95% Bay secured against multinational covenants. Category of Spend € 2 years to 5 years €0 0.00% National 28.08% 5 years to 10 years €565,000 26.89% Food 321,592,893 N59 Multinational €1,473,305 70.13% 10 years + 15.10% Multinational 70.13% 10 years + €1,498,305 71.32% National €590,000 28.08% Alcoholic Drink & Tobacco 139,265,774 10 years + 71.32% Average Weighted Unexpired Term 12.51 years Local €37,500 1.79% Clothing & Footwear 90,792,388 5 years to 10 years 62.16%

Housing 327,572,188 Ballina N17 N4 Income Profile (Breaks) Durable Household Goods 67,396,523 Top 5 Tenants by Income 0 years to 2 years 1.79% 0 years to 2 years €37,500 1.79% McDonalds 6.29% Non-Durable Household Goods 39,697,138 N58 Tenant Current Gross Rent % of Total 2 years to 5 years €440,105 20.95% 2 years to 5 years 20.95% (Per Annum) Gross Rent Fuel & Light 96,908,600 Ogalas 7.62% 5 years to 10 years €1,305,957 62.16% Swinford Homebase House & €565,000 26.89% Miscellaneous Goods and Services 568,517,857 Boyle Carrick-on- 10 years + €317,243 15.10% 10 years + 15.10% Garden Centre Ltd Halfords 9.52% Homebase 26.89% Shannon Transport 305,769,537 N61 Average Weighted Unexpired Term 7.9 years DSG Retail €390,962 18.61% N5 Ireland Ltd Ballaghaderreen N5 DSG Retail 18.61% Total Expenditure 1,957,512,899 5 years to 10 years 62.16% 5 years to 10 years 62.16% Halfords Ltd €199,995 9.52%

Source HBS 2009/10 Ogalas Ltd €160,000 7.62%

McDonalds €132,243 6.29% Restaurants of McDonalds 6.29% Local 1.79% Ireland Ltd Ogalas 7.62%

National 28.08% Halfords 9.52% Halfords 9.52% Homebase 26.89% Multinational 70.13%

DSG Retail 18.61%

40 PROPERTY 3 SLIGO RETAIL PARK, CO. SLIGO LONG INCOME RETAIL PARK 41

Local 1.79%

National 28.08%

Multinational 70.13% NATIONAL PORTFOLIO IRISH RETAIL INVESTMENT OPPORTUNITY

ACCOMMODATION SITE PLAN

Unit Demise Tenant Area Sq. M. Area Sq. Ft.

Unit 1a Ground Floor Curry’s 1,653.58 17,799

Unit 1b Ground Floor Castle Davitt Furniture 1,590.22 17,117

Unit 2 Ground Floor Vacant 1,545.70 16,638

Mezzanine 166.39 1,791 UNIT 1

Unit 3 Ground Floor EZ Living 1403.30 15,105

Mezzanine 1262.00 13,584 UNIT 1B

SERVICE Unit 4 Ground Floor Vacant 1191.30 12,823 AREA

Mezzanine 85.56 921 CAR PARK C UNIT 2 92 SPACES CAR PARK A VACANT 479 SPACES

Unit 5 Ground Floor Homestore & More 1855.00 19,967 UNIT 3 Mezzanine 322.00 3,466

Unit 6 Ground Floor Smyths Toys 1872.83 20,159 UNIT 4 VACANT Mezzanine 904.50 9,736

UNIT 5 Unit 7 Ground Floor Homebase 4716.97 50,773

Mezzanine 257.99 2,777

Unit 8 Ground Floor PC World 930.52 10,016 UNIT 6

Mezzanine 204.02 2,196

Unit 9 Ground Floor Halfords 934.98 10,064 CAR PARK B 567 SPACES Mezzanine 31.49 339 UNIT 7 Unit 10 Ground Floor Harry Corry 930.98 10,021

FUTURE DEVELOPMENT POTENTIAL Unit 11 Ground Floor Vacant 929.96 10,010 (SUBJECT TO PLANNING)

Unit 12 Ground Floor Carpetright 471.02 5,070

Unit 13 Ground Floor Pet Discount Warehouse 471.48 5,075

GARDEN Mezzanine 124.77 1,343 UNIT 14 UNIT 13 UNIT 12 UNIT 11 UNIT 10 UNIT 9 UNIT 8 CENTRE VACANT PET VACANT DISCOUNT Unit 14 Ground Floor Vacant 471.48 5,075 WAREHOUSE SERVICE YARD Unit FD1 Ground Floor KFC 283.91 3,056

Unit FD2 Ground Floor Costa Coffee 384.06 4,134

Unit FD3 Ground Floor McDonalds 306.58 3,300

Total 25,302.60 272,355

The above areas which are calculated on a Gross Internal Area basis were provided by Malcolm Hollis. An assignable measurement survey is provided in the data room. For illustrative purposes only

42 PROPERTY 3 SLIGO RETAIL PARK, CO. SLIGO LONG INCOME RETAIL PARK 43 ASSET MANAGEMENT

The income profile of Sligo Retail Park is strong and the main opportunity lies in leasing the vacant units to improve returns. The site to the front of the park offers alternative development opportunities or a chance to broaden the retail mix, subject to planning. There may be an opportunity to bring babycare or catalogue uses into the Park under the Planning Guidelines, subject to planning.

BER DETAILS

BER No’s: Available on request.

TITLE

The property is held Freehold. TULLAMORE RETAILTULLAMORE PARK

PROPERTY 4

TULLAMORE RETAIL PARK, CO. OFFALY WELL ANCHORED LONG INCOME PARK

On the instructions of Kieran Wallace and Patrick Horkan, Receivers, KPMG

44 PROPERTY 3 SLIGO RETAIL PARK, CO. SLIGO NATIONAL PORTFOLIO IRISH RETAIL INVESTMENT OPPORTUNITY

Tullamore Retail Park

R 4 2 To N6, east to Dublin, 0 west to Galway

0 R42 R42 0 LOCATION R443

Snugborough 1

C 2 Tullamore is a busy town with a population of 14,361 (Census 2011). The population

L 4

D A R

N R R of the town and environs grew by 11% in the 5 years to 2011. The town is located AHA A R R Puttaghan N52 O 100 km from Dublin and is linked by mainline rail enabling commuting, as well as A 4 R Srah D 2 4 0 43 1 connection to Athlone and Galway.

D A

O GRAND CANAL Tullamore is the County Town of Offaly and houses the County Council Civic Offices

RF ROAD CLONTA N along with various government services including offices of the Department of E DAINGEAN T ROAD D Agriculture Food and the Marine and the Department of Education. Tullamore S L202 R Y R R 4 O A 420 TU 4 L LL is the location of Tullamore Hospital and is home to various industries including 3 L AM KEY INVESTMENT CONSIDERATIONS N OR O L E R ’M R IV peat production and Tullamore Dew whiskey distillery. A number of multinational TE ER Kilcruttin O A W employers are located at the Sragh Industrial Estate. It is an historic town with a Tullamore long tradition of tourism around heritage sites including Clonmacnoise, Durrow N52 and Charleville Forest. 10 unit retail park Tullamore Station

15,702.6 sq. m. R4

Easily accessible from Current gross rent 2

0 TULLAMORE RETAIL PARK 1 C 2 C

adjoining large Tesco Extra 4 H R LO

A (169,021 sq. ft.) purpose Tullamore town centre and of approximately N M Tullamore Retail Park is located just inside the N52 ringroad and 5 minutes’ drive N IN supermarket and Tesco C C E Spollanstown H from the town centre which offers a good selection of comparison shopping as built retail park N52 ring road €1.48 million per annum R

R Y

petrol station O NE L well as hotels, leisure and civic services. The retail park is 10 minutes’ drive from the A A CHANCERY L A Cloncollog D N R4 2 E 0 M6 Dublin Galway motorway and half an hour from Athlone town. Tullamore Retail Park is highly visible from the road, sharing an entrance with a large Tesco Extra

1 2 R Gayfield 4 store which has extended opening hours to the benefit of the Retail Park, along R 4

4 3 with a Tesco petrol station which is located in the car park of the Retail Park. 100% of the current income Park has high occupancy N52 A busy Aldi store is across the road. 52.8% income secured by Long secure income WAULT To E20, southwest is secured to multinational levels, with just one Woodies and Heatons of approximately 10.7 years to Limerick or national retailers vacant unit 1 N52 R42 Ballard Clonminch N52 N80 To E20, Portlaoise

46 PROPERTY 4 TULLAMORE RETAIL PARK, CO. OFFALY WELL ANCHORED LONG INCOME PARK 47 OFFALY COUNTY TULLAMORE TULLAMORE TULLAMORE TULLAMORE COUNCIL CIVIC TRAIN STATION TOWN CENTRE DEW HOSPITAL NATIONAL PORTFOLIO OFFICE IRISH RETAIL INVESTMENT OPPORTUNITY

DESCRIPTION

Tullamore Retail Park is bookended by Heatons Department Store and Woodies, There are 7 retail units on the linking parade and a standalone Burger King restaurant is located in the car park. Other tenants include Argos, DID Electrical, Minogue Furniture, Harry Corry and a Carpetright (not trading).

The entire totals 15,702.6 sq. m. (169,021 sq. ft.). The Retail Park is located on a site of approximately 9 acres. The general structure of the retail units comprises a steel portal frame/steel space frame supporting the roof and upper floor loads.

There are approximately 467 surface car parking spaces serving the Retail Park and approximately 17 further spaces adjoining the Burger King restaurant. An enclosed service yard is provided to the rear of all units.

TULLAMORE RETAIL PARK

TESCO PETROL STATION

TESCO EXTRA STORE ALDI

48 PROPERTY 4 TULLAMORE RETAIL PARK, CO. OFFALY WELL ANCHORED LONG INCOME PARK 49 10 years + 100%

NATIONAL PORTFOLIO IRISH RETAIL INVESTMENT OPPORTUNITY

2 years to 5 years 3.51%

CATCHMENT DETAILS

R198 40 Min Drivetime Catchment 10 years + 42.82% The catchment area of Tullamore Retail Park includes most of Offaly and extends into Roscommon and Granard Westmeath, both of which are within a comfortable 40 minute drivetime. Clara, Durrow, Kilbeggan, Birr N4 TENANCY OVERVIEW LongfordLongfors N55 and Portarlington are all within easy distance of the Park. N5 Lisryan 5 years to 10 years 53.67% Tullamore Retail Park is let to a total of 9 tenants, with one vacant unit. The bespoke catchment area included a population of 83,116 persons. Population in the area grew N4 N63 The total current rent payable is €1.48 million per annum. strongly between 2002 and 2011, increasing by 25% in the catchment compared to 17% nationally, Rathowen and 36% of the population was under 25 in the 2011 Census. R371 OKR Group 8.96%

Crookedwood Harry Corry 9.43%

N55 Population Change 2002 - 2011 Argos 10.47% Woodies10 years +33.79% 100% Tang Moyvore Mullingar Area Area (% Change) KilldeanKillucan INCOME PROFILE

Total Population 2002 66,587 9.12% Heatons 19.03% The weighted average unexpired term is 16.02 years to lease expiries and 10.7 years to earliest break Total Population 2006 75,652 13.61% option or expiry. Total Population 2011 83,116 9.87% M6 Ballynagore Moate Income Profile (Expiry) Covenant Strength by Income 2 years to 5 years 3.51% M6 100% of income is from multinational or Multinational 16.96% 2 0 years to 2 years €0 0.00% Clara 5 Edenderry N national retailers. Category of Spend € 2 years to 5 years €0 0.00%

TULLAMORE 10 years + 100% Food 195,711,229 5 years to 10 years €0 0.00% 10 years + 100% Multinational €250,920 16.96% 10National years + 83.04% 42.82% Ferbane 10 years + €1,479,830 100% National €1,228,910 83.04% Alcoholic Drink & Tobacco 75,672,310 N

8 0 Average Weighted Unexpired Term 16.02 years Blue Ball Rathangan Clothing & Footwear 52,931,839 5 years to 10 years 53.67% 2 N5 Banagher N 8 Housing 193,860,232 0

2 6 E20 N Portarlington Income Profile (Breaks) Top 5 Tenants by Income Durable Household Goods 41,422,026 Rosenallis 2 years to 5 years 3.51% Non-Durable Household Goods 25,659,114 0 years to 2 years €0 0.00% Tenant Current Gross Rent % of Total OKR Group 8.96% (Per Annum) Gross Rent 2 years to 5 years €52,000 3.51% Harry Corry 9.43% Fuel & Light 54,777,852 Clareen 5 years to 10 years €794,210 53.67% Atlantic Homecare €500,000 33.79% 2 5 N Portlaoise Ltd (Woodies) Miscellaneous Goods and Services 307,379,574 10 years + €633,620 42.82% 10 years + 42.82% Argos 10.47% Woodies 33.79% Ballingarry Transport 167,784,308 N80 Average Weighted Unexpired Term 10.7 years Heatons €281,600 19.03% N 62 Athy Argos Distributors €155,000 10.47% Total Expenditure 1,115,198,484 7 Heatons 19.03% 7

N Timahoe Roscrea 5 years to 10 years 53.67% Ltd M7 Source HBS 2009/10 E20 Harry Corry Ltd €139,500 9.43% Abbeyleix OKR Group €132,520 8.96%

OKR Group 8.96%

Harry Corry 9.43% Multinational 16.96%

Argos 10.47% Woodies 33.79% National 83.04%

Heatons 19.03%

50 PROPERTY 4 TULLAMORE RETAIL PARK, CO. OFFALY WELL ANCHORED LONG INCOME PARK 51

Multinational 16.96%

National 83.04% NATIONAL PORTFOLIO IRISH RETAIL INVESTMENT OPPORTUNITY

SITE PLAN

Petrol Filling Station

ACCOMMODATION

UNIT A

Unit Demise Tenant Area Sq. M. Area Sq. Ft. Unit A Ground Woodies DIY 4,657.23 50,130

Mezzanine 324.14 3,489 UNIT H Unit B Ground DID Electrical 711.40 7,657 Mezzanine 725.60 7,810 GARDEN Unit C Ground Harry Corry 714.00 7,685 CENTRE Unit D Ground Argos 723.00 7,782 Mezzanine 720.30 7,753 UNIT B UNIT C UNIT D UNIT E UNIT F UNIT F2 UNIT G Unit E Ground Minogue Furniture 716.70 7,714 VACANT NOT Mezzanine 575.50 6,195 TRADING Unit F1 Ground Carpetright 449.50 4,838 Unit F2 Ground Pet Mania 450.00 4,844 Mezzanine 139.90 1,506 Unit G Ground Vacant 1,628.90 17,533 Mezzanine 343.20 3,694 Unit H Ground Heatons 1,302.60 14,021 Mezzanine 1,216.70 13,096 Included In Sale Drive Thru Ground Burger King 303.90 3,271 Not Included For illustrative purposes only Total 15,702.57 169,021

The above areas which are calculated on a Gross Internal Area basis were provided by Malcolm Hollis. An assignable measurement survey is provided in the data room.

52 PROPERTY 4 TULLAMORE RETAIL PARK, CO. OFFALY WELL ANCHORED LONG INCOME PARK 53 ASSET MANAGEMENT

The park is substantially let and therefore the main opportunity is to lease the vacant Unit G, thereby adding potentially over €100,000 pa income. Tenants are generally strong however a regear or reletting of either the weakest tenant and/or the Carpetright store may provide opportunities to increase income and enliven the park.

BER DETAILS

BER No’s: Available on the data room.

TITLE

The property is held Freehold.

PROPERTY 5

DEERPARK SHOPPING PARK, KILLARNEY, CO. KERRY DEERPARK SHOPPING PARK WELL ANCHORED SHOPPING PARK INCLUDING OPEN USE RETAIL

On the instructions of Simon Coyle, Receiver, Mazars

54 PROPERTY 4 TULLAMORE RETAIL PARK, CO. OFFALY NATIONAL PORTFOLIO IRISH RETAIL INVESTMENT OPPORTUNITY

Deerpark Shopping Park

I L C U M M I N22 N LOCATION R D Cluain Fhionnain Deerpark Shopping Park is located on the edge of Killarney, the second largest Ballydowny town in County Kerry with a population of 12,750 (Census 2011). Ballydribbeen U

N72 R

L Killarney is a popular tourist destination and tourism is by far the largest industry

E ARBUTUS GROVE

W N22 in Killarney. According to the online travel website Tripadvisor, the town is Ireland’s I

S D

Coollegrean R most popular travel destination for 2015, placing it 23rd in Europe. Killarney’s D K DEERPARK SHOPPING PARK R N71 A P popularity is due to a number of factors including its location at the base of ARBUTUS DRIVE R CHESTNUT DRIVE E P R P Ireland’s highest mountain range, its reputation as the gateway to the Ring of Kerry

8 U

7 KEY INVESTMENT CONSIDERATIONS 7 and its many attractions including Killarney National Park. Killarney offers a wide Inch range of shops, hotels, pubs and restaurants to cater for the tourist population. R876 Killarney Station Ballyspillane A number of sporting events during the summer draw additional tourists to the Killarney town, including the Ring of Kerry Charity Cycle, the Killarney Regatta, the 5 km N71 Avenue D SummerFest Fun Run and the Killarney Races. TESS R COUN R N22 Anchored O RD O N 11,862 sq. m. One of the few retail Located in the heart K EE E SH Killarney benefits from excellent transport links, being served by the National by Homebase, Adjacent to Tesco RY CA R LY (127,679 sq. ft.) purpose parks in Ireland with of the busy tourist D AL Primary Route N22 (north to Tralee and Castleisland and east to Cork). Killarney Superstore and Aldi Demesne Dromhale B built retail park open retail use destination of Killarney Marks and Spencer railway station has direct services to Dublin, Cork and Tralee and there are bus and Arcadia Group routes operating from the town, including to Limerick (onwards to Dublin), Cork and Tralee. Kerry Airport is located just 17 km away, with Killarney railway station OODLAW W N R D connecting the town with the airport. Cork Airport also serves the region and is

D D located approximately 90 km from Killarney. R R S L S Woodlawn IL Current gross rent 86% of the current The park has high O M Coolclogher WAULT of Approximately 248 R Deerpark Retail Park is located less than five minutes from Killarney town centre, of approximately occupancy levels, with approximately income is secured to surface car parking just off the Park Road, and is adjacent to Tesco Superstore and Aldi. €1.55 million approximately 95% of Poulnamuck 4.2 years multinational multiple spaces per annum retailers the scheme let

56 PROPERTY 5 DEERPARK SHOPPING PARK, KILLARNEY, CO. KERRY WELL ANCHORED SHOPPING PARK INCLUDING OPEN USE RETAIL 57 KILLARNEY STATION KILLARNEY DUNNES KILLARNEY KILLARNEY LOUGH FITZGERALD (BUS & RAIL) OUTLET STORES MAIN STREET NATIONAL PARK LEANE STADIUM NATIONAL PORTFOLIO CENTRE IRISH RETAIL INVESTMENT OPPORTUNITY

DESCRIPTION

Deerpark Shopping Park was developed c. 2006 and extends to approximately 11,862 sq. m. (127,679 sq. ft.), providing 10,118 sq. m. (108,911 sq. ft.) of retail warehouse and grocery accommodation in addition to 1,278 sq. m. (13,760 sq. ft.) of smaller open use neighbourhood units and 465 sq. m. (5,008 sq. ft.) of first floor office accommodation. There are approximately 248 customer car spaces provided within the retail park.

Deerpark Shopping Park comprises 12 retail units, five of which are retail warehouse units, one is a grocery store and the remainder are small, open use neighbourhood units. There are also three office units currently in shell condition at first floor level.

The park benefits from a mix of bulky goods, convenience and grocery uses and has an excellent tenant mix. The scheme is anchored by Homebase, with other occupiers including Arcadia, New Look, Argos, Boots and Costa Coffee.

The retail park sits on a site area of approximately 2.39 hectares (5.9 acres).

DEERPARK SHOPPING PARK

ALDI TESCO

58 PROPERTY 5 DEERPARK SHOPPING PARK, KILLARNEY, CO. KERRY WELL ANCHORED SHOPPING PARK INCLUDING OPEN USE RETAIL 59 NATIONAL PORTFOLIO IRISH RETAIL INVESTMENT OPPORTUNITY

Kilkee SHANNON N67 Kilrush R473 N19 N18 N67 LIMERICK 0 years to 2 years 0.5% 5 years to 10 years 3.5% 0 years to 2 years 0.5% 5 years to 10 years 3.5% Loop N7 Head CATCHMENT DETAILS Mouth of the N6 Shannon Ballybunion 10 years + 95% Rathkeale 10 years + 95% Deerpark Shopping Park is situated in the busy market and tourist town of N24 N21 Killarney. Within a 40 minute drive are other major towns such as Tralee and Listowel TENANCY OVERVIEW

Abbeyfeale, and the bespoke catchment includes the towns of Kenmare, Newcastle N20 West N74 Killorglin and Millstreet. The resident population is boosted greatly in the Tipperary Deerpark Shopping Park is let to a total of 12 tenants including Homebase, summertime by an influx of tourists. Abbeyfeale Marks & Spencer and Arcadia Group. The current total rent is €1,553,248.50 per N69 Kilmallock annum. The bespoke catchment area of Deerpark Retail Park has 54,704 persons. 55% Brandon of the population are between 25 and 64 years. Employment is higher than the Bay Tralee Tralee Charleville 5 years to 10 years 48% (Rath Luirc) 5 years to 10 years 48% national average with 52% of persons aged 15 or over at work compared to 50% Bay N21 Rockchapel N8 0 years to 2 years 32% nationally (Census 2011). Weekly spend per household is higher than normal 0 years to 2 years 32% Camp N22 Castleisland outside Dublin, being €822, just 2% lower than the national average. Dingle (An Daingean) N86 N23 N70 Scartaglen N73 INCOME PROFILE

N20 Mitchelstown Inch KERRY Milltown COUNTY Population Change 2002 - 2011 Kanturk 2 years to 5 years 20% a y Killorglin The weighted average unexpired term is 13.87 years to lease expiries and 4.2 years to break options. 2 years to 5 years 20% B N70 l e N72 KILLARNEY N72 n g Mallow D i Area Area (% Change) Fermoy Income Profile (Expiry) Covenant Strength by Income N72 Lough N72 Total Population 2002 49,149 7.83% Leane Millstreet 0 years to 2 years 0.5% 5 years to 10 years 3.5% In the region of 86% of the current income is 0 years to 2 years €8,000 0.5% 0 years to 2 years 0.5% 5 years to 10 years 3.5% secured against multinational covenants. National 14% N71 N22 Total Population 2006 52,618 7.06% Cahersiveen 2 years to 5 years €0 0% National 14%

N20 N8 Multinational €1,330,949 86% Total Population 2011 54,704 3.96% 5 years to 10 years €56,500 3.5% 10 years + 95% Multinational 86% 10 years + 95% National €222,300 14% 10 years + €1,488,749 95% Multinational 86% Kenmare

N70 Average Weighted Unexpired Term 13.87 years N70 Macroom CORK N25 Category of Spend € Midleton

N71 N22 Food 133,915,441 v e r Cobh i N28 Cloyne e R Lauragh Alcoholic Drink & Tobacco 59,723,279 a r CORK Top 5 Tenants by Income m Glengarriﬀ Shanlaragh e n Clothing & Footwear 41,544,283 K Kealkill N71 Bandon Income Profile (Breaks) Boots 10% Adrigole Dunmanway 5 years to 10 years 48% Tenant Current Gross Rent % of Total Boots 10% 5 years to 10 years 48% Dorothy Perkins 19% Housing 128,491,853 0 years to 2 years €491,049 32% (Per Annum) Gross Rent y Bantry 0 years to 2 years 32% Dorothy Perkins 19% a New Look 11% B 0 years to 2 years 32% Arcadia Group €297,000 19% Durable Household Goods 28,355,342 t r y Kinsale 2 years to 5 years €315,450 20% New Look 11% a n t/a Dorothy Perkins B 5 years to 10 years €746,756 48% Non-Durable Household Goods 15,973,292 ay Average Weighted Unexpired Term 4.2 years Homebase €288,057 19% us B N71 n Clonakilty Marks & Spencer 15% Homebase 19% Fuel & Light 34,642,335 2 years to 5 years 20% Dunma Skibbereen 2 years to 5 years 20% Marks & Spencer €238,750 15% Marks & Spencer 15% Homebase 19% Old Head Miscellaneous Goods and Services 251,072,055 Clonakilty of Kinsale New Look €171,252 11% Bay Transport 119,751,242 Boots €149,600 10% Roaringwater 40 Min Drivetime Catchment Bay Total Expenditure 813,469,124 National 14% National 14% Source HBS 2009/10

Multinational 86% Multinational 86%

60 PROPERTY 5 DEERPARK SHOPPING PARK, KILLARNEY, CO. KERRY WELL ANCHORED SHOPPING PARK INCLUDING OPEN USE RETAIL 61

Boots 10% Boots 10% Dorothy Perkins 19% Dorothy Perkins 19% New Look 11% New Look 11%

Marks & Spencer 15% Homebase 19% Marks & Spencer 15% Homebase 19% NATIONAL PORTFOLIO IRISH RETAIL INVESTMENT OPPORTUNITY

ACCOMMODATION SITE PLAN

Unit Unit Location Use Tenant Area Sq. M. Area Sq. Ft.

Unit 1 Ground Floor Retail Arcadia t/a Dorothy Perkins 981.70 10,567

Mezzanine Retail 402.50 4,332 SERVICE SERVICE YARD YARD Unit 2 Ground Floor Retail New Look 634.30 6,828

Mezzanine Retail 634.30 6,828

Unit 3 Ground Floor Retail O’Connors World of Wonder 636.50 6,851

Mezzanine Retail 160.00 1,722 GARDEN CENTRE Unit 4 Ground Floor Retail Argos 933.6 10,053 UNIT 5 UNIT 4 Mezzanine Retail 925.10 9,958 UNIT 3 UNIT 2 UNIT 1 Unit 5 Ground Floor Retail Homebase 1,889.7 20,341 WORLD OF WONDER Mezzanine Retail 925.1 9,958 PARK ROAD Unit 7 Ground Floor Retail Marks & Spencer 800.60 8,618

First Floor Retail 769.90 8,287

Second Floor Retail 424.40 4,568

Unit 9 & 9a Ground Floor Retail Mods & Minis 137.20 1,477

First Floor Retail 138.90 1,495

Unit 10 & 11 Ground Floor Retail Boots 281.00 3,025

First Floor Retail 278.50 2,998 248 CAR PARK SPACES

Unit 12b Ground Floor Retail Yankee Candle 86.10 927

Unit 12a First Floor Office Vacant 138.5 1,491

Unit 13 Ground Floor Retail The Carphone Warehouse 94.60 1,018

Unit 13a First Floor Office Vacant 167 1,798 UNIT 7 Unit 14 Ground Floor Retail Costa Coffee 163.00 1,755

Unit 14a First Floor Office Vacant 159.7 1,719 UNIT 14 UNIT 13 UNIT 15 UNIT 12 UNIT 10 & 11 UNIT 9 VACANT MODS & Unit 15 Ground Floor Retail Vacant 98.9 1,065 MINIS Total 11,861.8 127,679 ATM Allied Irish Bank

The above areas which are calculated on a Gross Internal Area basis were provided by Malcolm Hollis. An assignable measurement survey is provided in the dataroom. For illustrative purposes only

62 PROPERTY 5 DEERPARK SHOPPING PARK, KILLARNEY, CO. KERRY WELL ANCHORED SHOPPING PARK INCLUDING OPEN USE RETAIL 63 ASSET MANAGEMENT

• Unit 15 (former Sheehan Butchers) is currently vacant providing the opportunity to re-let the unit and increase the overall rental income of the scheme. • M&S have expressed an interest in leasing Units 12A, 13A and 14A which are currently vacant. This affords the opportunity to further increase the rental income. • Opportunity to engage with a number of tenants including Homebase and Argos who have break options in 2016 to consider extending their leases.

BER DETAILS

BER No’s: Available on the data room.

TITLE

The property is held Freehold.

64 PROPERTY 5 DEERPARK SHOPPING PARK, KILLARNEY, CO. KERRY