IRELAND - The Irish Property Unit Trust is selling some of its retail investments in Cork and Limerick, as well as an office block in Dublin, to finance its stake in a new Cork retail property project.
IPUT, previously known as the Irish Pension Fund Property Unit Trust, now has real estate assets worth over €1bn but the fund is reviewing its entire portfolio of 60 properties in a bid to “rebalance the portfolio”, according to finance director Marie Brambles.
The fund is taking a 35% stake in a O’Callaghan Properties (OCP) retail development in Cork, based on Academy Street and St. Patrick’s Street, so is selling high street store properties to generate revenue of around €30m.
That said, it is believed the fund is not expected to reduce its general holding across the core property sectors following its portfolio review.
Earlier this year, IPUT announced it was selling its Dublin headquarters for €15m with the assistance of its adviser HMT O’Reilly.