Friends First Irish Commercial Property Fund

You don't have to own property to invest in it.

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Cregan Kelly O'Brien in Partnership with Friends First

Friends First - Winner Property Managers of the Year 2017

Fund Highlights

  • Minimum investment €10,000;
  • No maximum investment limit;
  • No exit fees on first €200,000 invested;
  • Overall fund size (includes cash): €520.0m;
  • Property portfolio value: €436.9m;
  • Annual rental income: €24.4m;
  • Property Portfolio yield: 5.24%;
  • Vacancy rate: 5.68%;
  • WALT: 8 Years 3 Months;
  • Strong retail orientation.
  • Most of the portfolio is in Dublin.

* All figures quoted correct to end Q3 2017

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Recent Activity & Q3 2017 Financial Highlights

  • Acquisition of large Industrial Unit in Dublin 12
  • Acquisition of a collection of four retail properties in Dublin 2
  • Acquisition of a large, modern office in Galway
  • Acquisition of Cairn House, in the South County Business Park, Leopardstown, Dublin 18;
  • Planning permission granted for the upgrade of Blackrock Shopping Centre
  • Phase 2 planning achieved for upgrade of Royal Hibernian Way Retail Mall
  • Kilkenny Retail Park is now fully let
  • Top 10 tenants account for almost 60% of rental income
  • Almost 70% of the property portfolio is held in core, income-producing, investments
  • Equivalent yield of 5.62%

Sector Highlights

Friends First Property Fund Q3 Sector Exposure

* Includes cash, assets and liabilities.

Lease Expiry Profile - % Net Rent

Friends First Property Fund Lease Expiry Profile - % Net Rent

Based on scenario with all breaks exercised; excludes tenants on a rent free period.

Main Properties in the Fund

60/61 Grafton Street, Dublin 2 TDS Disney Ireland Ltd (Retail)
1 St Stephens Green, Dublin 2 Reiss Ltd (Retail)
3 St Stephens Green, Dublin 2 Oasis Fashions Ireland Ltd (Retail)
5 St Stephens Green, Dublin 2 Oasis Fashions Ireland Ltd t/a Coast (Retail)
7 Anne's Lane, Dublin 2 Private storage tenant (Retail / Industrial)
Block D Ashtown Gate, Dublin 7 Commission of Public Works (Office)
Blackrock Shopping Centre Supervalu (Musgrave Group), AIB plc a nd others (Retail)
Carroll Village (Anchor Store ), Dundalk Vacant (Retail)
24/26 Dublin Rd, Balbriggan Bank of Ireland (Retail)
15 Duke Street, Dublin 2 Smash Lab Limited (Retail)
Duke House, Duke Street, Dublin 2 Alias Tom and others (Office)
Elm Park, Merrion Road, Dublin 4 Willis with sub - lease to Wipro (Office)
Enterprise House/Trident House, Blackrock, Dublin Zurich Life Assurance Co Ltd and others (Office)
8 Lemon Street, Dublin 2 Paddy Power (Retail)
Unit 100 Northwest Business Park, Ballycoolin Wincanton Ireland Ltd (Industrial)
37 Patrick Street, Cork Pandora (Retail)
Pavilions Shopping Centre (Anchor Store ) Supervalu (Musgrave Group) (Retail)
Pelham House, Sandyford Vacant – refurbishment project (Office Development)
Royal Hibernian Way (Office),Dawson Street, Dublin 2 Davy Research and others (Office)
Royal Hibernian Way (Retail),Dawson Street, Dublin 2 Multi Let, Fitzers (T/A Marco Pierre White) and others (Retail)
Unit 48 Sandyford Industrial Estate, Stillorgan Jaguar Daimler (Ireland) Ltd (Industrial)

Recent Acquisitions

Merrion Collection, Merrion Row, Dublin 2

Merrion Row

At the end of September, Friends First, on behalf of the Fund, acquired the high-profile Merrion Collection on Merrion Row, an exceptional location just 300m from St Stephen’s Green. The portfolio of properties was acquired at an initial yield of c.5%. The acquisition includes the well-known Unicorn Restaurant, Marcels, the vacant Nationwide building and No. 5 Vinoteca wine bar.

This is an exceptional opportunity to acquire a collection of properties in a high profile city centre location that offers a wide variety of potential options for the owner. These properties are an excellent fit for the Fund, and for Friends First’s skill set, as an active asset manager.

This portfolio offers a variety of options to Friends First over the medium term, including the refurbishment and amalgamation of the existing buildings, re-gear of the existing leases or redevelopment of the overall portfolio. Previous planning permissions (which have now lapsed) would indicate that the scope for redevelopment for this overall site is significant.

Cisco, Ard Oran, Galway

Cisco, Ard Oran, Galway

During Q3, Friends First acquired a modern office building, in the Oranmore Business Park in Galway, let to Cisco Systems Internetworking (Ireland) Limited. Oranmore is a long established business location, and the business park is in a prominent position at the junction of the R446 dual-carriageway and N18 Galway- Limerick Road. The M6 Galway- Dublin motorway is easily accessible two kilometres north of the property. Cisco is a multinational corporation that designs and sells communication technology and services. The building is laid out over four storeys (over basement) and extends to 4,613sq m (49,694sq ft). The basement car park accommodates 99 cars, and there is also surface parking for an additional 42 cars.

The acquisition price reflects an initial yield of over 9% which will be accretive to the overall portfolio yield, in line with the Fund’s income-focussed strategy, while also exploring value add opportunities. Cisco has occupied the building on a 25-year lease from 2007, with the next break option occurring at the end of 2022.

Disclaimers - Please Read Carefully

Important Returns Note

The return(s) shown are based on bid-to-bid performance of the funds quoted and as such do not represent the returns on insurance contracts linked to these funds; returns on insurance contracts linked to these funds would be lower due to additional charges.  Details of all charges for the Friends First fund are available on request.

General Advice Disclaimer

The information on this page does not constitute investment advice. It does not take into account the investment objectives, financial position or needs of any particular investor.  Before making an investment decision, you should consult suitably qualified and independent investment, taxation and regulatory advisors to discuss your specific situation and investment objectives.  The investment strategies and risk profiles outlined in this page may not be suitable for your specific investment needs.


Warning: If you invest in this product, you may lose some or all of the money you invest.

Warning: Past performance is not a reliable guide to future performance.

Warning: The value of your investment can go down as well as up.

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Tommy O'Brien
T: +353 1 883 9020

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Financial Life & Planning Limited T/A Cregan Kelly O'Brien Financial Planning are responsible for handling all aspects of Financial Planning for individuals and business owners including advice on Pensions and Retirement planning , Saving and investments , Life and Serious Illness cover and Income Protection cover and business protection  offered on this website. Finance Life and Pensions Limited is regulated by the Central Bank of Ireland.

About Cregan Kelly O'Brien


In 2007 Maurice Cregan and Colm Kelly established CK Financial Services to provide independent financial planning and advice to business owners and individuals. Tommy O'Brien, a General Insurance expert, then joined them in 2010, enabling them to meet the full financial needs of their clients. Financial Life & Planning Limited would deliver Financial Services, and O'Brien Cregan Kelly Insurances would deliver Insurance Broking services. Two Business Names were registered Cregan Kelly O'Brien Financial Planning and Cregan Kelly O'Brien Insurances

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