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Portfolio Portfolio PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO IRISH RETAIL INVESTMENT OPPORTUNITY PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO Contents The Proposal Summary ..........................................................PORTFOLIO4 PORTFOLIO Portfolio in Numbers ......................................... 4 The Opportunity ............................................... 5 Investment Highlights ....................................... 6 Portfolio Analysis .............................................. 8 Economic Commentary ................................... 11 Grocery Retail Market Overview ...................... 14 The Portfolio Assets Dungarvan Shopping Centre ........................... 15 Thurles Shopping Centre ................................. 25 Harbour Place Shopping Centre ...................... 35 Cashel Town Shopping Centre ........................ 45 Johnstown Shopping Centre ........................... 55 Tenant Profiles ................................................ 66 Contact Details ............................................... 68 4 | Harvest Portfolio Executive Summary The Harvest Portfolio is for sale by private treaty. We are PASSING RENT inviting offers in excess of €50 million (Fifty Million Euros) 23,623 sq m subject to contract and exclusive of VAT, which reflects an €4,807,000 OF COMMERCIAL attractive Initial Yield of 9.20% for the portfolio. Buyers PER ANNUM ACCOMMODATION will need to apportion the overall purchase price across the 5 assets. No warranties or guarantees in any respect, including but not limited to VAT, can be given. The Vendors are not bound to accept the highest or indeed any offer and are OVERALL WAULT acting without personal liability. 100 For the avoidance of doubt, please note this is an TENANTS IN TOTAL 9.34 investment sale, therefore the tenants are unaffected. YEARS MORE THAN VACANCY RATE OF 11m 17.1% VISITORS PER ANNUM BY FLOOR AREA 75% IMMEDIATE OF INCOME FROM ASSET MANAGEMENT MULTI-NATIONAL AND OPPORTUNITIES NATIONAL TENANTS Harvest Portfolio | 5 The Opportunity Bannon and Lisney are pleased to present the Harvest and value add opportunities including leasing and the ongoing domestic recovery through the retail market Portfolio, an opportunity for investors to access a regional development at a key time in the Irish retail market. in assets that dominate their respective catchments. portfolio of grocery retail centres. Ireland’s domestic market has reached a turning point The Harvest Portfolio will afford purchasers the prospect with economic and consumer sentiment improving each of long-term income along with asset management quarter. The Harvest Portfolio offers investors access to DUNGARVAN SHOPPING CENTRE DUNGARVAN, CO. WATERFORD BELFAST THURLES SHOPPING CENTRE, shopping centre THURLES, CO.TIPPERARY NAVAN MULLINGAR HARBOUR PLACE SHOPPING CENTRE, GALWAY DUBLIN MULLINGAR, CO. WESTMEATH THURLES CASHEL TOWN CASHEL TOWN SHOPPING CENTRE, SHOPPING CENTRE CASHEL, CO. TIPPERARY CASHEL DUNGARVAN CORK JOHNSTOWN SHOPPING CENTRE, NAVAN, CO. MEATH 6 | Harvest Portfolio Investment Highlights The Harvest Portfolio is a geographically diverse collection significant scale, comprising five shopping centres all with of grocery retail centres, which benefit from their position major grocery anchors. Key highlights of the portfolio as the dominant grocery retail offer in their respective include:- catchments. It is an Irish retail based property portfolio of A DIVERSE RETAIL PORTFOLIO OFFERING ATTRACTIVE NET INITIAL YIELD EXPOSURE TO A PREDOMINANTLY GROCERY IN EXCESS OF 9.20% LED CONSUMER ACROSS 5 SEPARATE ASSETS BASED ON GUIDE PRICE WITH GEOGRAPHICAL SPREAD PASSING RENT OF €4,807,000 PER ANNUM OVERALL WEIGHTED AVERAGE (AFTER ABATEMENTS) FROM ESTABLISHED UNEXPIRED LEASE TERM OF 9.34 YEARS RETAIL SCHEMES 2.02 HA (5.0 ACRES) 100 TENANTS IN FIVE LOCATIONS OF DEVELOPMENT LAND COMPRISING A TOTAL OF 23,600 SQ M HIGH PROFILE INCOME ANCHORS 11 MILLION VISITORS PER ANNUM INCLUDE TESCO, BOOTS, DEALZ, BENEFITING FROM OVER EASONS AND LLOYDS PHARMACY 2,698 CAR PARK SPACES ACCESS TO 143,103 IMMEDIATE ASSET OF POPULATION AND MANAGEMENT OPPORTUNITIES €687M OF SPEND TO DRIVE INCOME AND ENHANCE RETURNS Dungarvan Shopping Centre, Dungarvan, Co. Waterford Harvest Portfolio | 7 DUNGARVAN SHOPPING CENTRE CASHEL TOWN CASHEL TOWN SHOPPING CENTRE, DUNGARVAN, CO. WATERFORD SHOPPING CENTRE CASHEL, CO. TIPPERARY • Anchored by major multiple Dunnes Stores • Anchored by major multiple Tesco • Total annual income of €1,535,197 • Total annual income of €726,407 • Includes high profile tenants Eason, Lloyds Pharmacy • Predominantly un-let scheme providing major asset and Game Stop management upside • Total annual footfall of approximately 4.3 million THURLES SHOPPING CENTRE, JOHNSTOWN SHOPPING CENTRE, shopping centre THURLES, CO. TIPPERARY NAVAN, CO. MEATH • Access to core catchment of 38,864 • Anchored by major multiple Supervalu • Anchored by major multiple Dunnes Stores • Total annual income of €425,433 • Total income of €1,149,528 • Total annual footfall is in excess of 1.75 million • Includes high profile tenants Boots, Easons and Holland & Barrett • Total annual footfall is in excess of 2.9 million HARBOUR PLACE SHOPPING CENTRE, MULLINGAR, CO. WESTMEATH • Anchored by major multiple Dunnes Stores • Total annual income of €970,536 • Includes high profile tenants Boots, Holland & Barrett and Peter Mark • Total annual footfall is in excess of 2.2 million 8 | Harvest Portfolio Portfolio Analysis Portfolio Catchment Annual Spend Portfolio Income Profile Johnstown SC €44,211,498 Cashel Town SC Dungarvan SC Local 25.1% €52,205,435 €128,192,230 Multinational 26.4% Harbour Place SC €261,887,543 Thurles SC €200,547,630 National 48.5% % Retail Vacancy Unexpired Lease Profile 40% 38.15% €2,500,000 35% €2,052,479 30% €2,000,000 25% 20% €1,500,000 15% 10.78% 10% 7.28% €1,000,000 €889,137 €768,430 €889,554 4.60% 5% 0.00% 0% €0 Dungarvan SC Thurles SC Harbour Place SC Cashel Town SC Johnstown SC 0>2 2<5 5<10 10+ Harvest Portfolio | 9 Overall Space Per Asset Portfolio Current Rent (abated) Johnstown SC Johnstown SC 2,180 sq m €425,433 9% Dungarvan SC 9% Dungarvan SC 6,027 sq m €1,535,197* 26% 31% Cashel Town SC Cashel Town SC 6,537sq m €726,407 28% 15% Thurles SC Thurles SC 5,540 sq m €1,149,528 23% 24% Harbour Place SC Harbour Place SC 3,338 sq m €970,536 *Incl. of the assumed 14% 20% car park net income Footfall (annual) Age Profile Catchment 5,000,000 35% 31.61% 4,500,000 29.97% Harvest Portfolio 30% 4,000,000 National Average 25% 23.14% 3,500,000 23.05% 22.73% 21.35% 3,000,000 20% 2,500,000 15% 2,000,000 12.65% 12.09% 11.75% 11.67% 1,500,000 10% 1,000,000 5% €500,000 €0 0% Dungarvan SC Thurles SC Harbour Place SC Johnstown SC <15 15-24 25-44 45-64 65 + Footfall for Cashel Town Shopping Centre is not available. 10 | Harvest Portfolio Top 15 Tenants 58% of Portfolio Rent WAULT Per Asset Tenant Rent Asset WAULT Tesco €728,758 Boots €403,990 Lloyds Pharmacy / Unicare Medical €366,100 Dungarvan SC 11.32 Eason €236,451 Paul Byron Shoes €169,250 Thurles SC 6.94 Carraig Donn €110,000 Sports Savers €126,285 Eden Café €120,000 Harbour Place SC 5.44 Cards n Things €115,000 Ischia €88,555 Cashel Town SC 12.08 Born €78,000 Holland & Barrett €73,380 VEC €67,416 Johnstown SC 12.85 O'Flynn Jewellers €67,630 O'Dwyer's Pharmacy €60,000 TOTAL PORTFOLIO 9.34 TOTAL €2,810,807 Excl. of Service Charge Cap Harvest Portfolio | 11 Economic Commentary Why invest in Ireland? Employment Ireland’s economic recovery is now well established The recovery in the domestic economy is now gaining support from a very pronounced improvement with growth having been recorded in six of the last in the labour market. Total employment grew by 3.3% during 2013 and a net 63,200 new jobs have seven quarters. The most recent national accounts show been created in the Irish economy since the low water mark of Q1 2012. Moreover, since this point the that GNP (the most representative measure of Ireland’s private sector has been generating an average of 3,200 new jobs per month in net terms. These labour economic activity) expanded by 9.0% in Q2 2014 market improvements appear to have continued into the third quarter of 2014 with the live register compared with Q2 2013. This recovery has been driven falling by 4,700 people from August to September 2014 and overall numbers signing on declined by by a strong trading performance over the last number of 9.4% in the year. Reflecting this, household disposable incomes have increased by 1.3% year-on-year years with net exports increasing by 40% between Q1 in real terms. Indeed, this is likely to continue as employment is forecast to continue growing by more 2010 to Q1 2014. However, the domestic economy is now than 50,000 jobs per annum in net terms over the next two years as the era of fiscal austerity of recent also contributing to growth once again with consumption years begins to ease. and investment respectively increasing by 0.2% and 2.9% year-on-year in Q1 2014. % Unemployed ECONOMIC FORECASTS 2014 AND 2015 15.0 15.0 2014 2015 15.0 GNP GDP GNP GDP % Unemployed Dept. of Finance 2.7 4.7 2.3 2.7 14.0 13.9 13.7 13.7 Central Bank 2.7 4.5 2.6 3.3 ESRI 3.5 2.6 3.7 3.5 13.0 IBEC 3.5 6.1 3.7 3.1 13.0 % Change Y/Y, volume. 12.2 12.0 11.7 BENCHMARK GDP FORECAST 11.5 2015 Country 11.1 GDP 11.0 UK 2.7 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 US 3.1 Source: CSO EU 1.3 12 | Harvest Portfolio Harvest improving retail sales and an upward trend emerging intheconsumersentimentindex. emerging trend salesandanupward retail improving forward and rising property values. This is now feeding into the consumer market with The domestic labour market continues to strengthen due to reduced austerity going Retail? inIrish invest Why % bringsabouta0.3%declineinGDP.
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