Property fund Iput pays out €102.5m dividend to shareholders

Irish property investment group Iput collected 97 per cent of rent due last year despite the Covid crisis, resulting in a cash dividend of €102.5 million for shareholders.

The fund said its portfolio was worth €2.9 billion at year-end with 97 per cent occupancy.

Iput reported 2020 year-end contracted rental income of €122 million and said its development pipeline is 84 per cent pre-let, which will increase contracted rent to €160 million over the next three years.

Chief executive Niall Gaffney said the group delivered a resilient performance despite an uncertain market environment. He said Iput's focus this year would be on re-positioning and future-proofing offices.

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“As the largest owner of offices in Dublin, we recognise that we have a role to play in reinvigorating our city and its neighbourhoods in a post-pandemic world, a recognition that has inspired an increased focus on placemaking,” he said.

The fund last year secured a revolving credit facility of €300 million from Wells Fargo Bank, of which €200 million was for green projects.

Properties in Iput’s portfolio include the Tropical Fruit Warehouse in Dublin’s Docklands and LinkedIn’s new European headquarter campus at Wilton Park in Dublin 2.