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Blackrock a Dublin Property Investment Portfolio

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Blackrock a Dublin Property Investment Portfolio Blackrock A Dublin Property Investment Portfolio By ®in association with and Docklands, Dublin 2 5 Blackrock: A Dublin Property Investment Portfolio 6 Investment Summary 8 Macro Environment 10 Portfolio Overview 12 Asset Management 13 Investment Strategy 14 Investment Structure 15 Portfolio Financials 19 Fees & Access 21 Risks & Appropriateness 23 Useful Information 24 Terms & Conditions 28 Application Form Inside 3 M50 Clontarf Drumcondra M50 Broadstone Palmerstown Stoneybatter Dublin Ballyfermot Kilmainham Ringsend Ronanstown M50 Inchicore Dolphins Barn Park West Dublin Bluebell Ballsbridge Bay Drimnagh Ranelagh Rathmines Clondalkin Donnybrook Greenhills N7 M50 Terenure Milltown Booterstown Kingswood Business Park Belfield Rathfarnham BLACKROCK Mount Kilnamanagh M50 Willbrook Dundrum Merrion Monkstown Goatstown Glasthule TALLAGHT Deansgrange Firhouse Knocklyon N11 Sallynoggin N81 Edmondstown M50 Ballinteer Mount Seskin Sandyford Cornelscourt Underlying Assets St Johns House Blackrock Hall High Street & Zurich House Tallaght Blackrock Dublin 24 Dublin 4 4 Blackrock: A Dublin Property Investment Portfolio is a commercial property note, focused €18.5m 14% on direct investment in a mixed portfolio of office NET ASSETS VALUE FORECAST INTERNAL buildings with ancillary RATE OF RETURN retail properties in Dublin. The objective of the Investment/Note (herein referred to as "the BlackBee Note") is to prudently manage an asset maximization strategy post- acquisition of quality commercial property and to explore a range of options designed to strengthen the value of the underlying assets, and in Glasthule turn deliver investor returns. 5 YEAR 1.6 5 X The assets being acquired have characteristics that are suitable for the investment objective given their location and existing tenant profile. By strategic management of tenants and enhancing value with location- appropriate planning applications, the aim is to present attractive INVESTMENT TERM MULTIPLE OF MONEY INVESTED propositions to the market for sale in three and five years, thus returning BASED ON A 14% IRR investor capital and generating return. Blackrock: A Dublin Property Investment Portfolio 5 • Premium Dublin Commercial Properties • Strategy Designed Around Prudent Asset Maximization • Strong Historical Performance with considerable Upside Potential • Annual Coupon of 5% • Forecast 14% IRR • Uncapped Return Structure with Potential for Further Upside • Experienced Asset Manager Investment Summary 6 The Investment: Blackrock: A Dublin Property Investment Portfolio Borrower: Kintrona Limited (Special Purpose Vehicle) The property and leases on (A) Blackrock Hall, Blackrock, Dublin 4, (B) Zurich House, Blackrock, Dublin 4 & (C) St John's House, High Street, Underlying Assets: Tallaght, Dublin 24 Investment Term: 5 Years Issuer: APIS Capital II Plc Investment Manager: BlackBee Investments Limited Investment Type: Unsecured Note Note Notional: €7,500,000, available through a Growth option and an Income option. Neither option to exceed €5,000,000. A) Income Option: 5% annual Coupon or B) Growth Option: 5% p.a. accrued coupon and paid at Maturity (Subject to availability) Investors forecast Return/ Interest: to receive a further payment at Maturity from Net Proceeds of disposal of assets/ liquidation of SPV returning a target IRR of 14% Currency: Euro Distribution Fee: 3.00% (Full breakdown of Fees available on page 19) Minimum Investment: €25,000 Closing Date: 4th March 2019 (or earlier if fully subscribed, 1st March 2019 for all final cheques, funds and applications for Pension Providers) Proposed Start Date: 8th March 2019 (Subject to pending legal due diligence & the final execution of legal and associated documentation)* Income Payment Date: 8th March 2020 and annually thereafter (relevant for the Income option only)** Maturity Date: 8th March 2024 (Or equivalent of 5 years post Start Date) Expected Tax Treatment: Income Tax and Capital Gains Tax where applicable Promoters: RedQuartz Limited, LeBruin Private Limited, BlackBee Investments Limited Availability: Private, Pension, Corporate, ARFs, AMRFs, Charities and Trusts. Available through Self-Administered Pension Providers * Please note that the Start Date of the investment is subject to the final execution of legal and associated documentation. Any income payment dates and the maturity date will be effective from the dates as outlined in final executed documentation which may be different to those dates as outlined in the Brochure. ** Income payments to clients may also be delayed if there is a delay in receipt of funds from the borrower on any income accrual date. Investment Summary 7 2018 was a strong year in the Dublin office market. Prime rents in city centre rental properties were in excess of €60 per square foot. According to Jones Lang LaSalle (JLL)'s Dublin Office Market Overview (July 2018), as rents increased in the city centre, suburban offices with strong transport links became more attractive to a host of occupiers, with south side suburban rents in the €28-€32 per square foot range. Headline office rents for west side suburban areas were in the €17.50 region, according to CBRE data. Recent suburban deals have seen DPS sign for 2,088 square metres (22,500 square feet) in City West Business Park (West Dublin) and Playrix signing for 1,632 square metres (17,500 square feet) in South County Business Park (South Dublin). Recent lettings in Blackrock have signed at €30 per square foot. "The overall city centre vacancy rate remains low at 5.7% in comparison to typical European market levels of 8%." Dublin Office Market Overview - Quarter 2 2018, JLL, July 2018 Macro Environment 8 Occupier Market Workforce "One of the key trends for 2019 will be the Labour Force extent to which office leasing activity spills Quality (Individuals) 357,947 over into new and emerging districts of the Individuals with Third capital, boosting areas such as Dublin 8 and Level Qualifications easing pressures on the traditional core CBD." 41% - CBRE Real Estate Market Outlook 2019 400 25% Vacancy Rate Economy 20% Data from Eurostat shows that the European economy 300 expanded by 2.5% in 2017, outpacing the United States 15% which grew by 2.3%. The rosier backdrop on the continent 200 added further impetus to the domestic performance in 10% 2017 as Ireland was the fastest growing economy in Europe Sq '000's M's 100 for a fourth year in a row according to the European 5% Rate Vacancy Commission. While growth is expected to moderate from the 7.3% recorded in 2017 to 4.4% in 2018 and 3.1% in 2019, 0 0% Ireland will remain in the upper echelons of the European 2018 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 growth table in the coming years. Source:68 CBRE+43 Real+22+ Estate30+43 Market+35 Outlook+45+60 2019+64+ -63 Dublin+82 Office+90 Economy - Knight Frank Report, 2018 Take-Up vs Vacancy Rate 2007-2018 Brexit Impact SCSI's survey of Chartered Surveyors (2017) asked member's opinions on the predicted impact of Brexit on office demand in 2018. As the results show, the Dublin area showed greatest optimism: Rest of Dublin 15+135+350= Leinster 85+325+90= Munster Connaught/ 380+120= Ulster 180+285+35= Decrease No Change Increase KEY in Demand 165= in Demand 165= in Demand 165= Warning: Past performance is not a reliable indicator of future performance. Macro Environment 9 Zurich House & Blackrock Hall These two interconnected buildings extend to c.40,000 (Gross Internal Area) square feet and St Helens Dublin are let to Zurich Ireland on a full repairing and DART Line Bay insuring lease. The passing rent is €845,000 per annum and the lease expires on the 1st of May 2021. Once acquired, the plan is to explore two strategies for asset Blackrock maximization. Park Blackrock Train Station Strategy One Sion Hill Seek planning permission to extend the available letting area BLACKROCK of premises through an infill development to the rear of the building, amendments to roof height in certain areas and Frascati Road extension at front of the building to utilize the available space. Strategy Two Apply for planning permission to convert the buildings into a high quality hotel with a budget service offering. The promoters estimate that the building will accommodate > c. 175 bedrooms. Dunardagh The property is exceptionally well located close to a host of amenities, bars and restaurants. It is also located c. 350 metres UCD Michael from Blackrock Dart Station and on a quality bus corridor. There Smurfit Graduate are currently no hotel properties in Blackrock. The area is now Business School an established office destination, with additional office space being built at present, and is serviced by The Talbot Hotel on the Stillorgan Road, The Radisson Blu St. Helens, The Tara Towers Hotel and The Royal Marine Hotel in Dun Laoghaire. Both strategies offer similar IRR returns. Portfolio Overview 10 St. John's House, Tallaght Developed in the late 1990’s by a partnership Luas Red Line Broomhill Industial Estate that included RedQuartz' Paddy Kelly, the building extends to c. 77,000 square feet (net Cookstown Industrial Estate internal area) and is generating a rental income in excess of €700,000 from a mix of tenants. The building is anchored by the Office of Public Institute of Bancroft Park Works who rent c. 40% of the building. Technology Tallaght This property provides an excellent asset management opportunity, and the RedQuartz team are uniquely placed to deliver it, given their long association with the building and the tenants. Strategically located in Tallaght town centre, close to a Luas Main Street Tallaght Luas Stop Red Line stop, the promoters believe that with some careful Springfield N81 capital expenditure the quality and value of the building can be greatly enhanced. This will provide a platform to increase the rental income to in excess of €1m. TALLAGHT Once the cycle of letting the building, agreeing new leases and rent reviews has been completed, the building will be disposed of and a distribution made to investors.
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