Spectrum Investment

SPECTRUM PORTFOLIO I R I S H

R E T A I L

I N V E S T M E N T

P O R T F O L I O

RETAIL PARK • GROCERY RETAIL CENTRES • SUBURBAN SHOPPING CENTRE • TOWN CENTRE RETAIL

SPECTRUM PORTFOLIO I R I S H

R E T A I L

I N V E S T M E N T

P O R T F O L I O

Proposal The entire is for sale by Private Treaty. We are inviting offers in excess of â‚Ź120 million (One Hundred and Twenty Million Euros) subject to contract and exclusive of VAT, reflecting an Initial Yield of almost 9% for the portfolio. It will be necessary for buyers to apportion individual purchase prices for each of the seven assets in addition to an overall price for the portfolio.

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 acting without personal liability. For the avoidance of doubt, please note this is an investment sale, and therefore all tenants are unaffected.

Portfolio in Numbers

â‚Ź11,115,600

passing rent across the portfolio

44,890 sq m of retail accommodation

2,645 sq m

of office accommodation

163

Tenants in total

Overall WAULT

7.7 years

Retail vacancy rate of

5.2% by floor area

12.2 ha

of development land

Immediate asset management opportunities

78%

of income from multi-national and national tenants

01

IRISH RETAIL INVESTMENT PORTFOLIO

The Opportunity DERRY

LETTERKENNY

Bannon and Savills are pleased to present the Spectrum Portfolio, an opportunity for investors to access a diverse spectrum of assets in the Irish retail market.

A6

N14

M2

Town Centre Retail SLIGO

A5

DONEGAL

A29 A26

N15

Quayside Shopping Centre

BELFAST

A32

ENNISKILLEN

BALLINA

A4

A1 A3

N16

SLIGO

N59

M1

N2 N3

N17

Retail Park DUNDALK

DUNDALK

CAVAN N4

Dundalk Retail Park

CASTLEBAR DROGHEDA

N5 N84

N3

N4 N17

MULLINGAR

Kilbarrack Shopping Centre

ATHLONE

M4

DUBLIN

M6

GALWAY

Grocery Retail Centre KILBARRACK

M1 M2

M50

N7

N11

M7

PORTLAOISE

Bloomsfield Shopping Centre

N18

WICKLOW CARLOW

M7 M8

LIMERICK

Grocery Retail Centre CLONDALKIN

M9

KILKENNY N24

TIPPERARY

The Mill Shopping Centre

CASHEL

N11

N25

N24 M8

WATERFORD

N20

MALLOW N25

N22

CORK Suburban Shopping Centre CORK

Douglas Court Shopping Centre

02

State Let Offices CLONDALKIN

N74

N21

KILLARNEY

Grocery Retail Centre DUN LAOGHAIRE

WEXFORD

B1 & B2 Ninth Lock Road

The Spectrum Portfolio provides investors with an opportunity to gain a real foothold across all sectors of the Irish retail market including Retail Park, Grocery Retail Centres, Town Centre Retail and Suburban Shopping Centre.

The Spectrum Portfolio will afford purchasers the prospect of long-term income along with asset management and value add opportunities including leasing and development at a key time in the Irish retail market recovery.

SPECTRUM PORTFOLIO

The seven assets can be categorised as follows:

Retail Park Dundalk Retail Park, Dundalk

Grocery Retail Centres Bloomfields Shopping Centre, Dun Laoghaire, South Dublin Kilbarrack Shopping Centre, Kilbarrack, North Dublin

Town Centre Retail

The Mill Shopping Centre, Clondalkin, West Dublin

Quayside Shopping Centre, Sligo

State Let Offices B1 & B2 Office Blocks, Ninth Lock Road, Clondalkin, West Dublin

Suburban Shopping Centre Douglas Court Shopping Centre, Cork

03

IRISH RETAIL INVESTMENT PORTFOLIO

Investment Highlights A true Irish retail portfolio that is geographically diverse, comprising a mix of seven assets which include a Suburban Shopping Centre, Retail Park, Town Centre Retail and three Grocery Retail Centres as well as a State Let Office Block

Attractive net initial yield of almost 9% based on guide price

Approximately 12.2 ha (30.2 acres) of development land

Passing rent of â‚Ź11.1m per annum from established retail schemes together with a state let office building

More than 9.5 million visitors per annum benefiting from over 3,600 car park spaces

High profile tenants including Boots, New Look, Next, Dealz, PC World, Argos and Woodie’s DIY to name a few

04

Overall weighted average unexpired lease term of 7.7 years

Immediate asset management opportunities to drive income and enhance returns

SPECTRUM PORTFOLIO

Suburban Shopping Centre

Retail Park

•

Located in the most affluent suburb of Ireland’s second largest city, Cork

•

The only retail park in Dundalk and one of the largest retail parks in Ireland

•

Anchored by Dunnes Stores

•

•

Includes international multiples Next, New Look and Boots

Anchored by Ireland’s number one DIY multiple, Woodie’s with other high profile tenants Heatons & Sports World, Currys, Argos and Homestore + More

•

Development potential for some 7,500 sq m of commercial space subject to planning permission

•

Undeveloped 30.2 acres of land provides opportunities to develop and enhance returns

•

Total income of €3,904,938 per annum

•

Total annual passing income of €2,467,072 per annum

•

Total annual footfall in 2013 approx. 3.5 million

Town Centre Retail

Grocery Retail Centres

•

Quayside Shopping Centre is integrated into the heart of Sligo town

•

•

Provides the majority of modern MSU style units in Sligo

Three shopping centres in the mature Dublin suburbs of Dun Laoghaire, Clondalkin and Kilbarrack

•

High profile tenants include Next, TK Maxx and River Island

•

Anchored by major multiples Dunnes and Tesco (x2)

•

Total income from three locations is €2,863,701 per annum

•

Total annual footfall across three centres is in excess of 5.3 million per annum

•

Total income from scheme (representing over 71% of entire floor area of Quayside Shopping Centre) is €1,428,386 per annum

Spectrum, a true Retail Portfolio and an excellent opportunity to invest in a broad spectrum retail portfolio at the point of inflection in the Irish Domestic Recovery.

State Let Offices •

Modern three storey office building

•

Total area approx. 2,404 sq m

•

Fully let to state bodies

•

94 surface car parking spaces

•

Total annual passing rent €451,531 Clondalkin, West Dublin

05

Portfolio Analysis Overall Space Per Asset State Office 2,404 3,264 sq msq 6%m 5%

3,264 sq m 6% 3,895 sq m 7%

3,895 sq m 7%

Grocery Retail Centre

Grocery Retail Centre

3,519 sq m 7%

Portfolio Current Rent

State Office 2,404 sq m 5% Suburban Retail Centre Suburban Retail Centre 8,271 sq m 16% 8,271 sq m 16%

Total 52,839 sq m

3,519 sq m 7%

Retail Park 22,406 sq m 42%

Town Centre Retail Town Centre Retail 9,079 sq m 17% 9,079 sq m 17%

State Office €451,531 4% €720,396 6%

€720,396 6% €852,218 8%

€852,218 8%

Grocery Retail Centre

Grocery Retail Centre

€1,291,087 12%

€1,291,087 12%

Retail Park 22,406 sq m 42%

State Office €451,531 4%

Charts Key:

Douglas Court Shopping Centre

Dundalk Retail Park

Quayside Shopping Centre

Suburban Retail Centre Suburban Retail Centre €3,904,938 35% €3,904,938 35%

Total €11,115,628

€246,021,658

The Mill Shopping Centre

Bloomfields Shopping Centre

€720,396 6%

14.00%

State Office €451,531 4%

Dundalk Retail Park

Suburban Retail Centre €631,713,783

Suburban Retail Centre €3,904,938 35% €260,783,802

€1,291,087 12%

0%

2.00%

Grocery Retail Centre

0%

5%

8.00% 4%

B1 & B2 Ninth Lock Road

Grocery Retail Centre 7%

9%

10.00%

Shopping Centre

Kilbarrack Shopping Centre

€371,122,105

€852,218 8%

12.00%

Town Centre Retail

Quayside The Mill €1,428,386 13% Shopping Centre Shopping Centre

Bloomfields Shopping Centre

Vacancy is based on retail occupancy inclusive of any lettings agreed 06

16%

18.00%

Retail Park 0.00% 22,406 sq m 42% Douglas Court

Retail Park €2,467,072 22%

Portfolio Catchment Annual Spend

Suburban Retail 16.00%Centre 8,271 sq m 16%

4.00%

€260,783,802

Town Centre Retail Town Centre Retail €1,428,386 13% €1,428,386 13%

% Vacancy

6.00%

€371,12 Grocery Retail Centre

Retail Park €2,467,072 22%

Sq ft

ffice q m 5%

IRISH RETAIL INVESTMENT PORTFOLIO

Kilbarrack Shopping Centre

Retail Park €2,467,072 22%

B1 & B2 Ninth Lock Road

€246,021,658

Retail Park €130,244,746 Town Centre Retail € 279,567,130

SPECTRUM PORTFOLIO

Top 15 Tenants 44% of Portfolio Rent

New Look

€453,660

Dublin City Council/OPW

€451,531

€3,500,000

Heaton's

€420,000

€2,000,000

Next

€417,330

€1,500,000

Argos

€348,500

€1,000,000

TK Maxx

€334,000

€500,000

Dealz

€310,000

Sam McCauley Pharmacy

€275,000 €211,378

AIB

€188,500

River Island

€186,000

Smyths Toys

€180,840

Homestore + More

€160,000

TOTAL

€4,863,239

€2,500,000

€0

2,500,000 2,000,000 1,500,000 1,000,000 500,000

0>2

2<5

5<10

10+

Income Profile of Portfolio

Dundalk Retail Park

8.3

The Mill Shopping Centre

10.9

Quayside Shopping Centre

3.3

Bloomfields Shopping Centre

7.2

Kilbarrack Shopping Centre

11.8

B1 & B2 Ninth Lock Road

5.0

TOTAL PORTFOLIO

7.7

Douglas Court Shopping Centre

The Mill Shopping Centre

Bloomfields Shopping Centre

Age Profile of Catchment 50.0%

Local €2,407,191 22%

WAULT Per Asset 7.6

0

Footfall for Quayside Shopping Centre, Kilbarrack Shopping Centre and Dundalk Retail Park are unavailable

40.0%

Multi-national €4,800,547 43%

Douglas Court Shopping Centre

4,000,000

3,000,000

21%

€450,000

Footfall (annual)

3,500,000

€3,000,000

Woodie’s

PC World

35%

€4,500,000 €4,000,000 31%

€476,500

13%

Boots

Portfolio Unexpired Lease Profile to Break / Expiry

Total €11,115,628

30.0%

20.0%

National €3,907,890 35%

10.0%

0.0%

<15

15-24

25-44

Spectrum Portfolio

45-64

65+

National Average

07

IRISH RETAIL INVESTMENT PORTFOLIO

Economic Commentary Why invest in Ireland?

Employment and Incomes

Ireland’s economic recovery is now well established, with growth having been recorded in six of the last seven quarters. The most recent national accounts show that year-on-year GNP (the most representative measure of Ireland’s economic activity) expanded by 3.4% in Q1 2014 compared with Q1 2013. This recovery has been driven by a strong trading performance over the last number of years with net exports increasing by 40% between Q1 2010 and Q1 2014. However, the domestic economy is now also contributing to growth once again with consumptionand investment respectively increasing by 0.2% and 2.9% year-on-year in Q1 2014.

The recovery in the domestic economy is now gaining support from a very pronounced improvement in the labour market. Total employment grew by 3.3% during 2013 and a net 76,600 new jobs have been created in the Irish economy since the low water mark of Q1 2012. Moreover, since this point the private sector has been generating 3,200 new jobs per month on average in net terms. These labour market improvements appear to have continued into the second quarter of 2014 with the live register falling for the 32nd consecutive month in July and overall numbers signing-on declining by 8.6% in the year. Reflecting this, household disposable incomes have increased by 1.3% year-on-year in real terms.

Indeed, this is likely to continue as employment is forecast to continue growing by more than 50,000 jobs per annum in net terms over the next two years and as the fiscal austerity of recent years begins to ease.

Economic Forecasts 2014 and 2015 2014 GNP

2015 GDP

GNP

GDP

Dept. of Finance

2.7

2.1

2.3

2.7

Central Bank

2.7

2.0

2.6

3.2

ESRI

3.5

2.6

3.7

3.5

IBEC

3.5

2.9

3.7

3.1

PERCENTAGE CHANGE IN TOTAL EMPLOYMENT (Y/Y) 4.0 3.0 2.0

% Change Y/Y, volume.

% Change Y/Y

1.0 0.0 -1.0 -2.0 -3.0 -4.0

2014Q1

2013Q4

2013Q3

2013Q2

2013Q1

2012Q4

2012Q3

2012Q2

2012Q1

2011Q4

2011Q3

2011Q2

2011Q1

2010Q4

2010Q3

2010Q2

-6.0

2010Q1

-5.0

Source:CSO

Ireland’s economic recovery is now well established with growth having been recorded in six of the last seven quarters 08

SPECTRUM PORTFOLIO

Why invest in Irish Retail?

Consumer Credit

A dramatically improved labour market, rising property values and the prospect of more neutral budgets are now feeding through to the retail economy. Reflecting this, the consumer sentiment index has been on an upward trend since the start of the economic crisis in mid-2008. Moreover, the improvement has become more pronounced in the last year with sentiment returning to levels not seen since 2007. This reflects the growing sense of optimism among consumers.

In net terms, loans to households fell by 7% in the year to June 2014. Repayment of loans continued to exceed drawdowns leading to an annual decline of 11.6% in outstanding balances on consumer loans.

However, as shown in the graph, the rate of decline in consumer credit has been slowing significantly over the last four years and will continue to do so as gross lending increases and as consumers gain confidence and gradually achieve their deleveraging targets.

Percentage Change in Outstanding Balances on Consumer Loans (Y/Y)

Consumer Sentiment Index - July 2014

150

40 30 20

110

% Change Y/Y

90 70

10 0 -10 -20

50

Source:ESRI/KBC

This pattern is mirrored in the household savings ratio which has declined markedly since the beginning of 2009 and is now, once again, below the long term EU28 average. This ratio has an important influence on consumer spending, with estimates indicating that a 1% increase in the savings ratio brings about a 0.3% decline in GDP.

Mar 14

Jul 13

Nov 13

Mar 13

Jul 12

Nov 12

Mar 12

Jul 11

Nov 11

Mar 11

Jul 10

Nov 10

Mar 10

Jul 09

Nov 09

Mar 09

Jul 08

Nov 08

Mar 08

Jul 07

Nov 07

Mar 07

Jul 06

Nov 06

Mar 06

Jul 05

Nov 05

Mar 05

Jul 14

Jan 13

Oct 13

Jul 11

Consumer Sentiment Index

Apr 12

Jan 10

Oct 10

Jul 08

Apr 09

Jan 07

Oct 07

Jul 05

Apr 06

Jan 04

Oct 04

Jul 02

Apr 03

Jan 01

Oct 01

Jul 99

Apr 00

Jan 98

Oct 98

Jul 96

Apr 97

30

Jul 04

Mar 04

-30 Nov 04

Source: Central Bank of Ireland

Retail Sales Very robust jobs growth and a recovery in sentiment over the last two years are beginning to feed through to the tills with retail sales increasing by 8.6% in the year to July 2014. Interestingly, sales of big-ticket items such as cars (+32.2% year-on-year) and furniture (+13.3% year-on-year) have recovered particularly strongly, perhaps indicating a significant shift in the psychology of Irish consumers.

Retail Sales Index

Household Savings Ratio 120

18

115

95

Gross Savings Ratio - Ireland

Average Gross Savings Ratio - EU28

Source: CSO

All retail businesses, excluding motor trades

All retail businesses

2014M07

2014M03

2013M11

2013M07

2013M03

2012M11

2012M07

2012M03

2011M11

2011M07

2011M03

2010M11

2010M07

2009M11

2010M03

2009M07

2008M11

2008M07

2008M03

2007M11

2007M07

2013Q4

2013Q2

2012Q4

2012Q2

2011Q2

2011Q4

2010Q2

2010Q4

2009Q4

2009Q2

2008Q2

2008Q4

2007Q4

2007Q2

2006Q4

2006Q2

2005Q4

2005Q2

2004Q4

2004Q2

2003Q4

85 80 2003Q2

6 4

2007M03

90

2006M11

8

2006M07

10

105 100

2006M03

%

12

2005M11

Index: 2005 = 100

14

110

2005M07

16

2009M03

Index: Q4 2005 = 100

130

Source: CSO

09

IRISH RETAIL INVESTMENT PORTFOLIO

Economic Commentary Retail Sales by Store Type

The Relationship between Consumer Sentiment, Retail Sales and Real Rents

Performance has varied by store type. At one extreme, electrical goods stores have outperformed the market, driven by a consumer shift to portable electronics devices. A middle group of retail stores continue to trade well and include stores selling staple items such as clothing and footwear, groceries and pharmacy products, which are relatively immune to economic conditions. A third group has seen weaker trading. This includes book and newspaper stores where sales have been hit by electronic substitutes. It also includes retailers selling items related to housing such as DIY goods, furniture and lighting etc. However, as highlighted below, sales among the latter group of retailers have recently begun to recover quite strongly.

From the beginning of 2007 to the middle of 2008, consumer sentiment in the Irish economy fell dramatically. This decline was followed, with a lag of a number of months, by retail sales as consumers responded to an ever worsening economic environment. In response to this deterioration of the retail economy, real retail rents also began to fall through 2009. Thus there appears to be a lagged relationship here with retail rents following retail sales which in turn trend in the same direction as consumer sentiment.

Retail Sales Index by Store Type 180

This relationship was apparent in the economic downturn and it also appears to be holding throughout the recovery. As illustrated below, we have seen an initial recovery in consumer sentiment from the start of 2011 and this has been followed by an improvement in retail sales, which has become more pronounced through 2013. Assuming that the relationship holds similar to that experienced in the downturn, we would expect to see retail rents also begin to recover in the months ahead.

160 Electrical Goods Clothing & Footwear

Consumer Sentiment, Retail Sales, Real Rents 120

Supermarkets 120

Pharmacy

110

Furniture & Lighting

100

100 Specialist Food Hardware, Paint & Glass 80 Bars Source: CSO

60

March 2005 = 100

90 80 70 60 50

Sep 2008 Lehmen Bros Bank Guarantee

2014M07

2013M11

2014M03

2013M07

2012M11

2013M03

2012M07

2011M11

2012M03

2011M07

2010M11

2011M03

2010M07

2009M11

2010M03

2009M07

2008M11

2009M03

2008M07

2007M11

2008M03

2007M07

2006M11

2007M03

2006M07

2005M11

2006M03

40 2005M07

40

Nov 2010 EU/IMF Bailout

Mar 05 Jun 05 Sep 05 Dec 05 Mar 06 Jun 06 Sep 06 Dec 06 Mar 07 Jun 07 Sep 07 Dec 07 Mar 08 Jun 08 Sep 08 Dec 08 Mar 09 Jun 09 Sep 09 Dec 09 Mar 10 Jun 10 Sep 10 Dec 10 Mar 11 Jun 11 Sep 11 Dec 11 Mar 12 Jun 12 Sep 12 Dec 12 Mar 13 Jun 13 Sep 13 Dec 13 Mar 14 Jun 14

Index: 2005 = 100

140

CSI

10

RSI

Real Rents

Source: CSO

SUBURBAN SHOPPING CENTRE

SUBURBAN SHOPPING CENTRE

> Douglas Court Shopping Centre, Douglas, Co. Cork

SPECTRUM PORTFOLIO

SUBURBAN SHOPPING CENTRE S P E C T R U M

P O R T F O L I O

I R I S H

R E T A I L

I N V E S T M E N T

P O R T F O L I O

Suburban Shopping Centre Overview Douglas Court Shopping Centre is one of the most established shopping centres in Ireland. It has traded successfully for over 25 years and is very much part of the retail fabric of Cork, Ireland’s second largest city.

Douglas Court Shopping Centre has an established and affluent customer base and has consequently thrived through the recession sustaining rents that other centres have struggled to achieve.

Douglas Court gives an investor exposure to the recovery in spend of Cork’s most affluent shopper.

Douglas Court gives an investor exposure to the recovery in spend of Cork’s most affluent shopper 13

Douglas Court Shopping Centre, Douglas, Co. Cork Location Cork is the second largest city in the Republic of Ireland and is the cultural and economic capital of the south. Douglas Court Shopping Centre is located in the affluent suburb of Douglas on the south side of Cork city, approximately 3 kms from the city centre.

Blackpool

Kent Train Station

Situated in a high profile location, just off the South Ring Road and within walking distance of local bus routes, the Centre is easily accessible to its catchment population in excess of 115,000 persons.

Douglas Court is a suburban shopping centre serving the affluent Douglas area and neighbouring areas of Grange, Rochestown and Blackrock.

Glanmire

R635

M8

N20

Cork

R846

City Centre

N22 University College Cork

R608 Cork Institute Of Technology

E30

N8

Little Island

Blackrock R852

N27

R852

N40 LOUGH MAHON

R610

Cork University Hospital

R851

N71 N40

N40

Wilton

Douglas

Grange

N71

R851

Frankfield

R610

Roachestown

Douglas Golf Club

N28

N27

Cork Airport

Dublin

N71

N28 N27

R610

Cork

Cork is the second largest city in the Republic of Ireland and is the cultural and economic capital of the south 15

N28 National Road

Rochestown Park Hotel

South Ring Road/N40

McDonalds

Douglas Village Shopping Centre Cinema

00

SPECTRUM PORTFOLIO

Description Completed in 1990 and anchored by Dunnes Stores (held long leasehold), the Centre provides approximately 15,584 sq m (167,748 sq ft) (including Dunnes Stores) of retailing space on a 5.5 ha (13.6 acre) site. The property forms a single storey structure accommodating over 50 retail and kiosk units with a high occupancy rate of 95%. The scheme provides a strong retailing mix, with current occupiers including New Look, Boots and Next.

The property also comprises a stand-alone garden centre, a detached building (currently occupied by a dance studio), an ATM and surface car park providing space for approximately 950 cars.

The property has a current contracted rent roll of â&#x201A;Ź4,429,756 per annum with a passing rent of â&#x201A;Ź3,904,938 per annum (after adjustments for abatements and all inclusive deals) and an attractive Weighted Average Unexpired Lease Term (WAULT) of 7.6 years. New Look accounts for almost 12% of the income stream.

Also included in the sale is a site of 0.39 acres (formerly a private residence) fronting the affluent Rochestown Road close to its junction with the Fingerpost Roundabout.

Completed in 1990 and anchored by Dunnes Stores, the Centre provides approximately 15,584 sq m of retailing space 17

Douglas Court Shopping Centre, Douglas, Co. Cork

Catchment The catchment for Douglas Court generally falls within a 15 minute drive-time capped to the north by Cork City and includes the surrounding areas of the affluent Douglas Village.

The population of this catchment was 115,211 persons at the 2011 Census, representing a 7% increase over the past decade.

Population

% Increase since previous Census

The demographic profile of the catchment can be categorised as follows; • 38% of the catchment is within the top tier social class of professional, managerial and technical (AB).

This is above the national average of 34%.

• 91% of the catchment are in employment, students, retired or dedicated to home duties which is above the national average.

2002 Census

107,008

4.23%

2006 Census

111,368

4.07%

• 50% of the catchment has completed third level or vocational education; this is above the national average of 43%.

2011 Census

115,211

3.45%

• 87% of the housing stock is occupied compared to the national residential occupancy rate of 83%.

• There are a total of 42,834 households within the catchment, which represents an average household of 2.68 persons. This is just below the national average household size of 2.78 persons.

Douglas Court Shopping Centre Drivetime & Catchment

10 Minute Drivetime Primary Catchment M8 N20

Glenmire Glanmire R617

E30

N22

Cork City

N40

N22

Wilton

N40

Douglas Cobh

N28 N71

N28

Ringaskiddy

Carrigaline Crosshaven

N71

R611 R600

18

According to Gamma*, the total annual household spend within the defined catchment is in the region of €1.9bn. This includes household expenditure not relevant to goods and services that would be common in a shopping centre environment similar to Douglas Court. The spend has been refined to reflect expenditure categories that are only relevant to Douglas Court’s tenant mix and the capacity it has to support.

Category of Spend

Annual Spend Relevant to Douglas Court Shopping Centre

Clothing & Footwear

€99,752,825

Drink & Tobacco (at home only)**

€76,091,063

Food Consumed at Home**

€235,581,020

Food Consumed away from Home**

€68,473,582

Household Durables**

€16,929,946

Household non-Durable

€37,311,487

Other Misc. Expenditure**

€97,573,860

TOTAL

€631,713,783

* Annual spend data is based on the 2011 Census and Household Budget Survey 2009/ 2010, adjusted by Gamma annually in line with the CSO CPI January data release ** Spend categories have been adjusted to only reflect the nature of goods and services that are relevant to Douglas Shopping Centre

SPECTRUM PORTFOLIO

19

Douglas Court Shopping Centre, Douglas, Co. Cork

Scheme Floor Plan

Escape Corridor

Female Toilets

Dis. Dis. Store WC WC

Boots Shop 13/14/14A

Peter Mark Vision Express Shop 15 Shop 16/17

Escape Corridor Store

Store 11a

Escape Corridor

Vacant Store

Escape Corridor

Escape Corridor

Male Toilets

Escape Corridor

Cleaners Store

Vacant Market 5 & 8

Garden Goodness Market 2/3

The Good Fish Market 4

Lobby

Gloria Jeans Market 9

Market Area

Vacant Market 10 Golden Crust Market 6/7

Under Offer Shop 18/19

Vacant Market 1

The Butchers Block Shop 20

Par Saress K8/15 Vodafone Three Meteor Shop 10 Shop 11 Shop 12

Recharge Cartridges K7B

Two Euro Shop 21/22

New Look Shop 49

Jump Juice K7A

Dunnes Stores

Escape Corridor

High School Books Shop 38

Gloss Shop 37

Porters Shop 5/6/7/8

Heres Health Shop 39

Music Zone Shop 36

Information Desk BB’s Restaurant 1

O’Briens Restaurant 4

BB’s Restaurant 1

Celebrations Shop 31

Next Shop 34/35/35A

Lift

Vera Moda Shop 2

AIB Bank Shop 32 ISCream K.19

The Cleaners K.20

ATM TSB

K21 Blossoms Art & Hobby Shop 41

Anchor Store

Ancillary/Access

Retail Units

Held Long Leasehold

Cafés/Restaurants/Food Not to scale - for indicative purposes only.

20

Shoebox Shop 42

Gerard Shop Shop 43/44 Mall

Lobby

Lobby

AIB ATM

Costa Cafe Unit 45A O’Briens Wines Unit 45

Land Lord

Sam McCauleys Shop 46

Carraig Donn Shop 28/29/30

Kilkenny Shop 3/4

Game Shop Shop 1

Lobby

Moores Douglas The Shop 24 Travel Cobbler Shop 25 Shop 26

Icon K12 Sky K6

O2 Shop 9

House & Home Shop 40

Overdrive Shop 23

ATM

Cummins Sports Shop 47

SPECTRUM PORTFOLIO

Tenancy Schedule - Top 10 Tenants by Income Unit

Tenant

Area Sq m

Lease Start

Lease End

Term Years

Break

Contracted Rent

Passing Rent

Unit 49

New Look

495.7

12/06/2005

11/06/2030

25

11/06/2020

€453,660

€453,660

Unit 46

Sam McCauley Pharmacy

603.2

29/01/1999

28/01/2024

25

-

€275,000

€275,000

Unit 13 & 14

Boots

215.3

12/03/1990

11/03/2025

35

-

€185,500

€185,500

Unit 34, 35, 35a & Store 6

Next

684.7

13/09/1990

13/09/2019

29

-

€167,330

€167,330

Unit 32, K17

AIB Bank

182.6

12/03/1990

11/03/2025

35

-

€160,000

€160,000

Unit 47

Cummins Sports

411.9

12/03/2000

11/03/2025

25

-

€200,000

€160,000

Unit 16, 17 & 17A

Vision Express

138.3

11/09/2007

11/09/2027

20

10/09/2022

€146,555

€146,555

Unit 28, 29 & 30

Carraig Donn

170.3

01/04/2004

31/03/2024

20

-

€167,500

€117,250

Unit R1

BB's

115.0

01/03/2004

01/03/2024

20

-

€117,000

€117,000

Unit 1

GameStop

96.4

12/09/2002

11/09/2025

23

-

€127,500

€89,250

Top 10 Totals

3,113.4

€2,000,045

€1,871,545

Property Totals

8,271.0

€4,429,756

€3,904,938

Top 10 tenants make up 48% of the total passing rent.

21

Douglas Court Shopping Centre, Douglas, Co. Cork

Profile Tenants Boots Boots Retail (Ireland) Limited trading as Boots is one of Ireland’s leading pharmacy and beauty retailers.

Established in Ireland since 1996, Boots has 74 stores trading nationwide and is the largest pharmacy chain in Ireland. According to Dun & Bradstreet, Boots Retail (Ireland) Limited rating is 5A 2 based on a turnover in excess of €285 million based on company accounts dated March 2013.

Next Next Group Plc trading as Next operates over 500 Next stores across the UK and Ireland, with 30 of these located in the Republic of Ireland. Next Group Plc has a Dun & Bradstreet rating of 5A 1 with a reported £198m turnover and £1.3bn of net worth in their January 2014 accounts.

Kilkenny Clydaville Investments Ltd trading as Kilkenny is Ireland’s largest emporium of Irish designed products. It operates from 11 own brand stores throughout Ireland. Kilkenny offers a range of designer fashion, jewellery and crafts that is popular with locals and tourists alike. Restaurant facilities are also provided in a number of stores. Clydaville Investments Ltd has a Dun & Bradstreet rating of 2A 2 based on turnover in excess of €21.5 million as reported in their January 2013 company accounts.

BER Certificate

B1 G Title We understand the property is held Freehold.

22

Solicitor’s Details Arthur Cox Brian O’Rourke brian.orourke@arthurcox.com T: +353 (0)1 618 0000

SPECTRUM PORTFOLIO

Development Potential Douglas Court has a positive recent planning history, with extant planning permissions including a approx. 3,800 sq m extension to the main anchor store and a standalone drive thru’ restaurant.

A decision to grant has also been issued (August 2014) for the combination and extension of Units 41 and 42 to provide a new store of approximately 756 sq m (approximately 458 sq m ground floor retail, approximately 298 sq m first floor storage) to facilitate a proposed new letting to a gourmet convenience food retailer.

Masterplan Proposal An experienced design team has been assembled including Architects, Town Planners, Property Advisors and Consulting Engineers who have been charged with engaging with Cork City and County Councils with a view to protecting the future development potential of the scheme.

This design team, after an extensive consultation process, has prepared and submitted detailed reports in respect of both the Douglas Land Use and Transportation Strategy (DLUTS) 2013 and the Draft Metropolitan Cork Joint Retail Study 2013. These reports and studies have identified extensive potential redevelopment opportunities, extending to some approximately 7,500 sq m, through the re-allocation of car parking.

The DLUTS promotes a general land use policy relating to consolidated town centre precincts leading to a plan led approach for Douglas which will provide for an additional 25,000 sq m of floor space by 2032.

It is acknowledged that Douglas Court is a key retail location and, subject to a phased Overall Planning or Development Scheme for the entire site, is capable of accommodating an additional 7,500 sq m of non-residential floor space in the prescribed form.

Extension (decision to grant planning issued) to accommodate proposed Gourmet Convenience Food Retailer (extension shown in yellow)

The Metropolitan Cork Joint Retail Study 2013 identifies Douglas as a Level 2 District Centre and Large Metropolitan Town alongside Blackpool, Wilton and Mahon. The report identifies a need to “support the vitality and viability of District Centres to ensure that such centres provide an appropriate range of retail and non-retail functions to serve the needs of the community and respective catchment areas, with an emphasis on convenience and appropriate comparison shopping in order to protect the primacy of Cork City Centre”. The study also identifies the need for an even distribution of comparison floor space in the city suburbs, with no district centre being permitted to have a greater amount of comparison floor space than Mahon Point, which will not be permitted to grow significantly over the period of the strategy.

The key recommendations of the both DLUTS and the Retail Study have now been incorporated into Carrigaline Local Area Plan (Amendment No. 2, objective TC-05) which recognises the important role of Douglas Court in delivering these aspirations. There is now sufficient statutory and policy framework in place for a full scale planning application to be progressed.

Schematic extension proposals subject to planning consent and finalisation of land agreements and public realm works with Cork County Council

23

Douglas Court Shopping Centre, Douglas, Co. Cork

Development Potential

Schematic extension proposals subject to planning consent and finalisation of land agreements and public realm works with Cork County Council.

24

RETAIL PARK RETAIL PARK

> Dundalk Retail Park Dundalk, Co. Louth

SPECTRUM PORTFOLIO

R E TA I L PA R K S P E C T R U M

P O R T F O L I O

I R I S H

R E T A I L

I N V E S T M E N T

P O R T F O L I O

Retail Park Market Overview The health and vitality of the Retail Park sector is inextricably linked to the housing market. As residential construction effectively ceased in Ireland from 2008 onwards with annual completion of houses dropping by 84%, there was a consequential drop in the sales taking place in Retail Parks.

Despite the recession however, the population has continued to grow strongly, which has increased the demand for housing.

This is particularly the case in the Eastern seaboard and the Dundalk catchment has experienced above average population growth of over 10% in the inter-census period between 2006 â&#x20AC;&#x201C; 2011.

This population growth married with the lack of housing construction over the last five years has created a pent up demand for housing stock, the fulfilment of which will lead directly to increased Retail Parks sales and demand from occupiers which will in turn drive rental growth and returns.

Dundalk Retail Park offers investors an opportunity to capitalise directly on both the residential and retail markets recovery 27

00

Dundalk Retail Park, Dundalk, Co. Louth Location

N53

Strategically located between Dublin and Belfast, Dundalk offers a gateway between Irelandâ&#x20AC;&#x2122;s two largest cities.

Dundalk is the second largest town in the country and benefits from a strong local economy, underpinned in recent years by significant employment growth through foreign direct investment.

R177

Junction 17

R132

N52

N53

Dundalk Retail Park is a modern, high profile retail warehouse scheme situated on the inner relief road approximately 3 kms from the town centre.

Dundalk Stadium

R852

The development is well positioned in a high profile location along the N52, with access to the M1 motorway.

M1

Dundalk

Carrickmacross Road R178

R172

Neighbouring adjacencies include Dunnes Stores, motor showrooms and leisure/sporting offerings.

R172

N52

R178 R171

R132

Dublin-Belfast Railway

Ardee Road

Dundalk Institute of Technology

R171

Dundalk

Xerox Paypal

M1

Dublin

N52 R132

Dundalk Golf Club

R172

Junction 16 Blackrock

Strategically located between Dublin and Belfast, Dundalk offers a gateway between Irelandâ&#x20AC;&#x2122;s two largest cities 29

Dundalk Institute of Technology

Finnibair Industrial Park Crowne Plaza Hotel

DKIT Sports Centre

R172

Muirhevnamor Park

N52 National Road

R172

School

SPECTRUM PORTFOLIO

Description Situated on a site of approximately 8.1 ha (20 acres), the entire development comprises 20 retail warehouse units totalling approximately 20,743 sq m (223,276 sq ft), an industrial warehouse unit of approximately 1,394 sq m (15,000 sq ft) and a fast food restaurant approximately 269 sq m (2,900 sq ft). The retail warehouse units range in size from 265 sq m to 4,180 sq m.

The retail park is anchored by Woodie’s with other notable occupiers including Argos, Currys and Halfords. This provides a strong tenant line-up with 82% occupancy, rising to 95% upon completion of the proposed cinema letting. Other occupiers within the scheme include Homestore + More, Heatons and Smyths Toys.

The current rental income is €2,467,072 per annum (after adjustments for abatements excluding potential cinema income), while the Weighted Average Unexpired Lease Term (WAULT) is 8.3 years.

Planning permission has been granted for the redevelopment of Units 2-4 (2,787 sq m) for a 6 screen cinema. An operator is in place to lease this space.

The attractive location coupled with redevelopment opportunities provides an incoming purchaser with ample scope to increase rental income.

Immediate Additional Income & Asset Management Opportunity Terms are agreed with a leading international cinema operator to occupy Units 2 – 4 on the basis of a new 25 year lease at market rent. This letting is at an advanced legal stage.

Development Lands There are three development sites included with the property. Two sites are located at the rear of Phase 1 and extend to approximately 9.6 ha (23.8 acres). There is also a holding of approximately 2.6 ha (6.4 acres) in a corner position to the west of the scheme’s main entrance, fronting the inner relief road between Dunnes Stores and the newly acquired Dundalk Institute of Technology Sports Centre.

Planning permission was granted (April 2011) for a retail and leisure scheme incorporating the 2.6 ha (6.4 acres) site and an adjoining local authority owned site to complement the existing Phase 1 development. Planning (August 2005 - since expired) was also granted for a further stand-alone restaurant on these lands.

The entire site is zoned ‘Retail, Leisure and Recreation’ in the Dundalk and Environs Development Plan 2009-2015.

A wide range of uses noted as permitted in principle under this zoning objective include car showroom, cash & carry, retail warehouse, tourism facilities, major shop, petrol station etc.

31

Dundalk Retail Park, Dundalk, Co. Louth

Catchment

Dundalk Shopping Centre Drivetime & Catchment

Armagh

The catchment for Dundalk Retail Park is generally within a 30 minute drive-time save inland to the west as there is a dearth of retail park competition in this region.

A28

A1

N2

The total population of this catchment as at the 2011 Census was 100,580 persons, representing a 10.10% increase since the 2006 Census. Dundalk is a high growth town compared to the national average growth rate of 8.22% at Census 2011.

Newry

Castleblayney

N53

Carrickmacross

Population

% Increase since previous Census

2002 Census

84,366

5.82%

2006 Census

91,350

8.28%

2011 Census

100,580

10.10%

Warrenpoint

Dundalk E01

N2

Population Percentage Change 1986 -2011

10% 8%

N52

N2

6%

Kells

Drogheda

• 47% of the catchment is within the top tier social class of professional, managerial, technical and non-manual workers (ABC1).

• 54% of the catchment is in employment. A further 33% are students, retired or dedicated to home duties, which is on par with the national average.

• There are a total of 35,835 households within the catchment, which represents an average household of 2.8 persons.

This is slightly above the national average household size of 2.78 persons.

• 4,061 new housing units were developed in the inter-censual period of 2006-2011 representing an 11% increase which is above with the national average.

According to Gamma*, the total annual household spend within the defined catchment is in the region of €1.45bn. This includes expenditure which is not relevant to goods and services that would be common in a retail park environment similar to Dundalk Retail Park.

The spend has been refined to reflect expenditure categories that are only relevant to Dundalk Retail Park.

12%

Ardee

R162

The demographic profile of the catchment can be categorised as follows;

4%

Category of Spend

N3

10 Minute Drivetime 30 Minute Drivetime Primary Catchment

E01

Naven

2%

Household Durables** 0%

Housing**

N2

-2% -4%

1986

1991

1996

National Average

2002

2006

Dundalk Catchment

2011

Annual Spend Relevant to Dundalk Retail Park €47,022,654 €6,115,865

Other Misc. Expenditure**

€15,866,285

Food Consumed away from Home**

€47,977,685

Fuel**

€11,670,578

Transport**

€1,591,678

TOTAL

€130,244,746

* Annual spend data is based on the 2011 Census and Household Budget Survey 2009/ 2010, adjusted by Gamma annually in line with the CSO CPI January data release ** Spend categories have been adjusted to only reflect the nature of goods and services that are relevant to Dundalk Retail Park

32

SPECTRUM PORTFOLIO

33

Dundalk Retail Park, Dundalk, Co. Louth

Scheme Floor Plan

Car Showroom

DKIT Sports Centre

AVENUE ROAD

Development Land 9.1 Ha (22.4 Ac) Car Showroom

Development Land 0.6 Ha (1.4 Ac)

KFC

Vacant

Cafe

Elverys Sports

Smyths Toys

Maplin

Heatons

Argos

Halfords

Rite Price Tiles

Carpetright

Homestore + More

Harry Corry

Under Offer

Vacant

Woodie’s

Garden Centre

Currys Development Land 2.6 Ha (6.4 Ac)

PC World

N54

Retail Units

Café/Restaurant

Not to scale - for indicative purposes only.

34

Development Land

SPECTRUM PORTFOLIO

Tenancy Schedule - Top 10 Tenants by Income Unit

Tenant

Area Sq m

Lease Start

Lease End

Term Years

Break

Contracted Rent

Passing Rent

1

Woodie’s

4,180.6

30/09/2002

29/09/2027

25

30/09/2022

€450,000

€450,000

12 & 13

Heatons

1,858.1

30/06/2008

29/06/2028

20

-

€420,000

€420,000

15

Smyths Toys

1,401.3

02/04/2007

01/04/2027

20

02/04/2018

€180,840

€180,840

14

Argos

934.0

01/01/2007

31/12/2026

20

31/12/2021

€180,000

€180,000

6&7

Home Store + More

1,858.1

14/08/2012

13/08/2032

20

13/08/2022

€160,000

€160,000

9

Carpetright

696.8

08/11/2004

07/11/2024

20

07/11/2019

€135,000

€135,000

17

Elverys

929.0

01/02/2004

01/02/2029

25

-

€125,000

€125,000

19

Currys

1,161.3

27/05/2008

26/05/2028

20

27/05/2018

€124,310

€124,310

11

Halfords

696.8

01/06/2007

01/06/2027

20

01/06/2017

€120,544

€120,544

8

Harry Corry

696.8

16/10/2002

15/10/2027

25

-

€130,858

€110,000

Top 10 Totals

14,412.8

€2,026,552

€2,005,694

Property Totals

22,406.0

€2,613,050

€2,467,072

Top 10 tenants make up 81% of the total passing rent.

35

Dundalk Retail Park, Dundalk, Co. Louth

Profile Tenants Woodie’s Atlantic Homecare Ltd trading as Woodie’s is Ireland’s leading DIY store with 37 stores nationwide selling DIY related products, housewares, plumbing accessories and gardening products to name a few. Atlantic Homecare successfully exited an Examinership process in 2012.

PC World & Currys DSG Retail Ireland Ltd trading as PC World and Currys is one of Ireland’s biggest consumer electrical retailers operating from 28 stores across Ireland. DSG Retail Ireland Ltd is part of Dixons Retail Plc which is one of Europe’s leading electrical retailers trading across 14 countries. DSG Retail Ireland Ltd has a Dun & Bradstreet rating of 4A 3 based on turnover in excess of €152 million reported in April 2013 accounts.

Halfords Halfords is a leading retailer of automotive and cycling products in the UK and Ireland operating from 465 stores, of which 22 are located in the Republic of Ireland. Halfords is currently benefiting from the growing cycling market and stabilising car maintenance business. The company reported bicycle sales increased by 21% and group sales by 7.9% during the 3 months ended June 2014. According to Dun & Bradstreet, Halfords Ltd has a rating of 5A 1 based on a turnover of €745.5 million in accounts dated March 2013.

BER Certificate

B1 G Title We understand the property is held part Freehold, part Long Leasehold.

36

Solicitor’s Details McCann Fitzgerald Aimee Kirwan aimee.kirwan@mccannfitzgerald.ie T: +353 (0) 1 829 0000

TOWN CENTRE RETAIL

SPECTRUM PORTFOLIO

TOWN CENTRE RETAIL

> Quayside Shopping Centre, Sligo Town, Co. Sligo

TOW N C E N T R E R E TA I L S P E C T R U M

P O R T F O L I O

I R I S H

R E T A I L

I N V E S T M E N T

P O R T F O L I O

Town Centre Market Overview Sligo Town is the administrative centre serving County Sligo and dominates retailing in the wider region. Unlike many towns across Ireland, Sligo’s planners resisted demands to permit the development of out of town shopping centres which has allowed the town to retain a strong retail core.

All comparison retail development in Sligo has occurred in the town centre, Quayside in turn is the largest shopping development in the town. As a consequence Sligo Town is a strong comparison retail destination with large multiples including TK Maxx, Next, River Island, Penney’s trading from the town centre. Quayside Shopping Centre provides investors with the opportunity to acquire a significant portion of Sligo’s retail core.

Quayside Shopping Centre provides investors with the opportunity to acquire a significant portion of Sligo’s retail core 39

Quayside Shopping Centre, Sligo, Co. Sligo Location

N16

Located in the north west of Ireland, Sligo is the second largest population centre in Connaught. The town has a clearly defined catchment of South Donegal, Leitrim, Roscommon, Sligo and Mayo.

N15 R291

Rathbraghan

Quayside Shopping Centre is situated on Wine Street, and is very much intergrated into the heart of the town.

The scheme is located approximately 300 metres from the N4; the main road to Roscommon and Mayo. The development is conveniently located close to the Sligo bus station and within easy walking distance of the town centre.

Neighbouring adjacencies include a mix of independent retailers and professional services. A 12 screen multiplex cinema adjoins the Shopping Centre and is a significant footfall driver for the scheme.

R287

Cartron

The property has pedestrian access from Wine Street and also Quay Street with vehicular access to the underground car park from Lower Quay Street.

Institute of Technology, Sligo

Sligo

Finisklin

N16

Sligo General Hospital

Bellanode

R286

R292 R292

Kevinsfort

N4

R286

R292 RIVE R GARAVOGUE

Cleveragh

R287

Hazelwood

R870

Sligo Racecourse

Cornageeha

Sligo

Woodtown Lodge

N4 R287

Dublin

Carraroe LOUGH GILL

Located in the north west of Ireland, Sligo is the second largest population centre in Connaught 41

River Garvogue

Quay Street

Oâ&#x20AC;&#x2122;Connell Street

N4 National Road

Tesco Wine Street

Wine Street Car Park

Union Street

SPECTRUM PORTFOLIO

Description Developed in 2004, Quayside Shopping Centre comprises a multi level, mixed use town centre part streetscape and part enclosed scheme, with over 40 shops, over a basement car park offering 400 spaces. Over 71% of the total retail floor area forms part of the sale together with the Freehold interest in the development.

The subject interest comprises a total floor area of approximately 9,079 sq m (retail and ancillary office space), with TK Maxx as the anchor tenant occupying approximately 2,599 sq m.

Also included in the sale is the basement car park which provides over 400 spaces serving the shopping centre and the town.

The subject interest in the Scheme has an occupancy rate of 91% and a Weighted Average Unexpired Lease Term (WAULT) of 3.34 years. The current passing rent is â&#x201A;Ź1,428,386 per annum (after adjustments for abatement and all inclusive deals) with a contracted rent of â&#x201A;Ź1,473,173 per annum. 54% of the rental income comes from TK Maxx, Next and River Island.

Developed in 2004, Quayside Shopping Centre comprises a town centre part streetscape and part enclosed mall 43

Quayside Shopping Centre, Sligo, Co. Sligo

Catchment The catchment area for Quayside Shopping Centre includes all of County Sligo as well as south Donegal to the north, Ballina to the south west and the area to the south and east following the 30 minute drive-time.

The demographic profile of the catchment can be categorised as follows; • 50% of the catchment is within the top tier social class of professional, managerial, technical and non-manual workers (ABC1).

There is no comparison retail within this catchment that would rival Quayside Shopping Centre/Sligo.

Letterkenny, Enniskillen and Galway would be considered the closest competition 111 kms, 65 kms and 140 kms from Sligo respectively.

• 54% of the catchment is in employment. A further 34% are students, retired or dedicated to home duties which is slightly above the national average (33%).

The population of Quayside’s catchment was 105,788 persons at the 2011 Census, representing a 7% increase in the inter-censual period of 2006 - 2011.

• There are a total of 39,506 households within the catchment, which represents an average household of 2.67 persons. This is slightly below the national average household size of 2.78 persons.

Population

% Increase since previous Census

2002 Census

92,941

4.47%

2006 Census

98,692

6.19%

2011 Census

105,788

7.19%

Quayside Shopping Centre Drivetime & Catchment

According to Gamma*, the total annual household spend within the defined catchment is in the region of €1.6bn. However, this includes expenditure incurred on transport, housing, pensions, holidays etc. that are not relevant to goods and services that would be common in a shopping centre environment similar to Quayside Shopping Centre. This has therefore been refined to reflect expenditure categories that are only relevant to Quayside Shopping Centre’s tenant mix, both existing and potential.

Letterkenny

Dungloe

Category of Spend

N13

N56

N15

Donegal Omagh N15 A5

Bundoran N46

N16

N54

Ballina

N4 N17

N26

Boyle

10Cavan Minute Drivetime

N61

30 Minute N3 Drivetime

Swinford N5 N5

Castlebar N5

44

N60

N83

N4

Household Durables**

€12,274,719

Household non-Durable**

€32,159,161

Food Consumed away from Home**

€53,296,583

Other Misc. Expenditure**

€74,412,437 €246,021,658

** Spend categories have been adjusted to only reflect the nature of goods and services that are relevant to Quayside Shopping Centre

A509

N59

€73,878,758

* Annual spend is based on the 2011 Census and Household Budget Survey 2009/ 2010, adjusted by Gamma annually in line with the CSO CPI January data release

Enniskillen

N59

Annual Spend Relevant to Quayside Shopping Centre

Clothing & Footwear

TOTAL

A32

N15

Sligo

• 4,425 new housing were developed in the inter-censual period of 2006-2011 representing an 11% increase which is above the national average of 10%.

Primary Catchment

SPECTRUM PORTFOLIO

45

Quayside Shopping Centre, Sligo, Co. Sligo

Sample Scheme Floor Plans Level 2

Level 4

WE

R Q UA

LO

Y S TR

EE

ET

E

Unit 18 Oasis Unit 2 Vaca 5 nt

MALL

Next

Unit 15 Monso&16 on

Unit 21 Alure

Unit 14 Gerard ’s

TT PL AC EMME

Unit Specsa 17 vers

STREET

Unit 3&4 Dealz

Unit 2 Exhibit

Unit 1 Se7en

Unit 26 MALL

Unit 2 Unit 30 Vacan 7 t P Cara harma cy

Uni Uniquet 22 Gifts VUnit 23 acant

Unit 24 Vacan t

Unit 12 Hidden Hearing

Unit 5&6 River Island

Car Park

Unit 25a YumYum

Unit 13 Carphone Warehouse

The Bagel Bar

WINE STREET

RE

Mauds

Q U AY S TREET

U33 Vacant

TK Maxx

ST

rts

U32a Vacant

MALL

AY

U Lifestynit 19 le Spo

U31 Vacant

U33a Vacant

R Q U

T

U29 Domino’s Pizza U28 Gary’s Cycles

U32 Blades & Scissors

WE

Unit 11 Vacant

Cinema Held Long Leasehold

Unit 10 Vacant

Unit 9a Vacant Unit 9 Vacant

WINE STREET

Anchor Store

Ancillary/Access

Retail Units

Held Long Leasehold

Not to scale - for indicative purposes only.

46

Q U AY S TREET

LO

SPECTRUM PORTFOLIO

Tenancy Schedule - Top 10 Tenants by Income Unit

Tenant

Area Sq m

Lease Start

Lease End

Term Years

Break

Contracted Rent

Passing Rent

34

TK Maxx

2,599.1

13/06/2005

12/06/2025

20

12/06/2017

€334,000

€334,000

5, 6 & part 8

River Island

641.5

01/04/2005

31/03/2025

20

31/03/2015

€186,000

€186,000

20

Next

2,165.3

07/07/2005

13/07/2025

20.02

05/07/2015

€250,000

€250,000

3&4

Dealz*

574.4

10/09/2014

09/09/2024

10

09/09/2019

€110,000

€110,000

15 & 16

Monsoon

115.6

20/06/2005

20/06/2025

20

-

€90,000

€90,000

19

Lifestyle Sports

550.5

19/02/2014

18/02/2015

1

-

€90,000

€90,000

18

Oasis

165.0

21/06/2005

20/06/2025

20

-

€75,000

€75,000

17

Specsavers

147.8

11/08/2005

10/08/2025

20

-

€72,500

€72,500

14

Gerards**

115.6

02/04/2012

01/10/2014

2.52

-

€20,000

€20,000

29

Domino's Pizza

161.7

06/09/2006

05/09/2026

20.00

06/09/2016

€15,000

€15,000

€1,242,500

€1,242,500

€1,473,173

€1,428,386

Top 10 Totals***

7,236.5

Property Totals 9,078.9

*Agreement for lease executed. **New 2 year licence being finalised to commence on expiry 01/10/2014. ***Top 10 Totals excludes the Car Park which produces approx. €120,000 per annum.

Top 10 tenants make up 87% of the total passing rent.

47

Quayside Shopping Centre, Sligo, Co. Sligo

Covenant Information TK Maxx TJX Ireland trading as TK Maxx is a subsidiary of TJX Companies which is a global retailing company.

TJX Ireland was established in 2003 and has 18 stores across Ireland. According to Dun & Bradstreet the company has a rating of 3A 2 with a reported turnover of over €142m in their February 2013 accounts.

Next Next Group Plc trading as Next operates over 500 Next stores across the UK and Ireland, 30 of these located in the Republic of Ireland. The company has a Dun & Bradstreet rating of 5A 1 with a reported £198m turnover and £1.3bn net worth in their January 2014 accounts.

River Island River Island Clothing Company (Ireland) Limited trading as River Island was established in 2003 and has over 25 stores in the Republic of Ireland. According to Dun & Bradstreet the company has a rating of 5A 2 with a turnover of just under €77m according to their December 2012 accounts.

BER Certificate

B2 G Title We understand the property is held: Long Leasehold Title. Freehold reversion (part possessory).

48

Solicitor’s Details Eversheds Michael Neary michaelneary@eversheds.ie T: +353 (0) 1 664 4200

GROCERY RETAIL CENTRES

> Bloomfields Shopping Centre, Dun Laoghaire, Co. Dublin > Kilbarrack Shopping Centre, Kilbarrack, Dublin 5 > The Mill Shopping Centre, Clondalkin, Dublin 22

GROCERY RETAIL CENTRES

SPECTRUM PORTFOLIO

G R O C E R Y R E TA I L C E N T R E S

Swords R106

Malahide

M1

R108

R106

S P E C T R U M

P O R T F O L I O

I R I S H

R E T A I L

R132

I N V E S T M E N T

P O R T F O L I O Dublin Airport

R107

Portmarnock

Kinsealy M1

R124

Baigriffin

M50 R132

Grocery Retail Market Overview

R106

The Irish grocery market has proved particularly resilient during the financial crisis. Grocery sales have remained steady with a 0.2% differential between total grocery sales from 2005 to 2013. They are however expected to grow by 1.0% to â&#x201A;Ź14.6 billion in 2014.

According to Kantar Worldpanel, the average consumer now has one major shop, one medium shop and three smaller outings during the week leading to a high frequency of visit to convenience anchored centres. This frequency of visit underscores the sustainability of income and security of investment.

Beaumont

N1

R107

R105

R105

St Anneâ&#x20AC;&#x2122;s Park

M50

R105

Howth

R807

Bull Island

Clontarf Phibsborough R108 R109

R807

R131

Phoenix Park

R148

R112

R113

M50

R120

Dublin

R148

Ballyfermot

Kilmainham

R131

R810 R118 R110

Inchicore R136

R802 R111 R810 R134

Bluebell

Crumlin

Ballsbridge

R114

R110

Clondalkin

R134

R134

Rathmines

R137

R113

Grange Castle Golf Club

R112

Ballymount

Kimmage

R138 R825

Terenure

N7

R119

R112

R137

N31 N31

R114

N81

Tallaght

Blackrock

Rathfarnham

M50

R113

N82

R118

R117 R137

R136

Booterstown

Clonskeagh

Newlands Golf Club

Casement Air Base

The Grocery schemes within this portfolio provide investors with access to established Dublin centres with secure income streams.

R103

Glasnevin Drumcondra

Sutton

Kilbarrack

Whitehall R805

M4

The Grocery Centres within this portfolio are anchored by the largest Grocery anchors in the country. Tesco anchors each of Bloomfields and Kilbarrack Shopping Centres with Dunnes Stores anchoring The Mill Shopping Centre. Between them these two anchors enjoy a market share of 59% of Irish Grocery Sales.

R104

R103

Lucan

Adamstown

R809

Donaghmede

R104

R108

Portmarnock Golf Club

Dundrum

R115

Goatsown R826

R113

Stillorgan

R113

R119

Deansgrange

N7

Saggart

R133

M50

Dalkey

Sallynoggin R828

N81

Dun Laoghaire

Marlay Park

Sandyford M50

R113

R118

R827

N11 Foxrock

Glenageary Cabinteely

Killiney

R114 Kilbogget Park

Stackstown Golf Club

R117

Loughlintown R118 Carrickmines

R119

R116

M50

Kilternan

Cherrywood

M11

R116

51

IRISH RETAIL INVESTMENT PORTFOLIO

SOUTH DUBLIN

52

NORTH DUBLIN

WEST DUBLIN

Beaumont

Kilbarrack

Whitehall R103

R805

R107

Glasnevin

R105

R807

R105

Bloomfields Shopping Centre, Dun Laoghaire, Co. Dublin Drumcondra N1

St Anne’s Park

M50

R105

Howth

Bull Island

Clontarf

Phibsborough R108 R109

Lucan

Location

Phoenix Park

R148

Liffey Valley

M4

R807

R131

R112

R113

Ballyfermot Located in South County Dublin, Dun Laoghaire is an M50 R120 established affluent coastal suburb situated approximately Adamstown

Kilmainham

R810 R118 R110

Inchicore

13 kms from Dublin city centre.

R131

Dublin

R148

R136

R802 R111

Dun Laoghaire is the administrative centre of the Dun R134 Laoghaire Rathdown local authority area which covers the majority of Dublin’s southern suburbs.

Clondalkin R134

R810

Bluebell

Crumlin

Ballsbridge

R114

R110

Rathmines

R137

R134

The town is well served by bus and rail links and is easily Grange accessed by privateCastle and public transport. It also has a busy Ballymount Golf Club N7 port terminal.

R113

R112

Kimmage

R138 R825

Terenure

Booterstown

Clonskeagh

Newlands Golf Club

Casement Air Base

R118

R117

The property is situated on George’s Street Lower, approximately 1 km south west of the DART (local rail) station, with vehicular access from Library Road.

R113 Occupiers on George’s Street Lower comprise a mixture R136 of independent retailers complemented by major brands Citywest Tallaght such as Dunnes Stores and Penneys.

N82

R112

R137 R119

Blackrock

Rathfarnham

M50 R137

N31 N31

R114

N81

Dundrum

R115

Goatsown R826

Stillorgan

R113

R119

Deansgrange

N7 Saggart

R133

M50

Marlay Park

Sandyford M50

R113

R118

R827

N11 Foxrock

Glenageary Cabinteely

Killiney

R114 Kilbogget Park

Stackstown Golf Club

R117

Loughlintown R118 Carrickmines

R119

R116

Dun Laoghaire

Dalkey

Sallynoggin R828

N81

Dun Laoghaire

R113

M50

Dublin Kilternan

Cherrywood

M11

R116

Located in South County Dublin, Dun Laoghaire is an established affulent coastal suburb 53

DART Line

Dun Laoghaire Harbour

Marine Road Dun Laoghaire DART Station

George’s Street Lower

00

George’s Street Upper

SPECTRUM PORTFOLIO

Description Anchored by Tesco, Bloomfields Shopping Centre comprises an enclosed mall and separate external ground floor retail units accessed from both George’s Street and Convent Lane. The Centre is situated on a site of approximately 4 acres. Tesco (4,703 sq m), the Car Park (550 spaces) and IMC Cinema (13 screens and 2,000 seats) are held under long leasehold interests. There are a further five external units fronting Georges Street Lower and five external units fronting Convent Lane. The entire interest being offered for sale extends to a total retail area of approximately 3,895 sq m.

The subject interest in the centre is currently 84% occupied with a contracted rent of €893,820 per annum and a passing rent of €852,218 per annum (after adjustments for abatements and all inclusive deals). The property has a Weighted Average Unexpired Lease Term (WAULT) of 7.2 years.

The centre has a strong tenant line-up with occupiers such as Boots, Dealz, Vero Moda, Jack & Jones, Argos and Vodafone. Boots, Dealz and Argos together generate 67% of the passing income.

Tesco is the dominant food offering in the town whilst the IMC multiplex is the key leisure destination serving South Dublin’s coastal suburbs.

Anchored by Tesco, the Centre comprises an enclosed main mall and separate external ground floor units 55

Bloomfields Shopping Centre, Dun Laoghaire, Co. Dublin R807

Bloomfields Shopping Centre Drivetime & Catchment R131

Bloomfields Shopping Centre’s catchment falls within a 10 minute drive-time and incorporates the affluent suburban areas of Dun Laoghaire, Glenageary, Dalkey, Killiney and a part of Loughlinstown.

The population of this catchment was 46,114 persons at the 2011 Census, which was marginally above the previous Census in 2006.

This was the first Census since 1991 in which there was a positive population growth rate experienced.

Ballsbridge R118

R138

Catchment

Booterstown

Population

% Increase since previous Census

Dun Laoghaire

2002 Census

47,196

Deansgrange

Stillorgan

2006 Census

R828

2011 Census

-3.18%

Drink & Tobacco (at home only)**

€32,892,740

45,620

-3.34%

Food Consumed at Home**

€93,613,953

46,114

1.08%

Food Consumed away from Home**

€34,028,440

Household Durables**

€6,458,002

Dalkey R118

Leopardstown

Glenageary

R119

N11

E01

Loughlintown

Kiltieman R116

Killiney

Ballybrack

R119

Primary Catchment

56

R760

Household non-Durable

€15,810,806

Other Misc. Expenditure**

€34,338,613

• 68% of the catchment is within the top tier social class of professional, managerial, technical and non-manual workers (ABC1) which is 16% higher than the national average.

TOTAL

• 54% of the catchment has completed Third Level or Vocational education; 9% above the national average.

R116

10 Minute Drivetime

The demographic profile of the catchment can be categorised as follows;

• 51% of the catchment is in employment. A further 41% are students, retired or dedicated to home duties which is above the national average of 33%.

Shankill

E01

Wicklow

Bray

Annual Spend Relevant to Bloomfields Shopping Centre €43,641,249

R119

R113

Category of Spend Clothing & Footwear

Blackrock N31

According to Gamma*, the total annual household spend within the defined catchment is in the region of €913 million. This includes expenditure which is not relevant to goods and services that would be common in a shopping centre environment similar to Bloomfields Shopping Centre. The spend has been refined to reflect expenditure categories that are only relevant to Bloomfields Shopping Centre.

• There are a total of 17,462 households within the catchment, which represents an average household of 2.64 persons. This is below the national average household size of 2.78 persons.

€260,783,802

* Annual spend is based on the 2011 Census and Household Budget Survey 2009/ 2010, adjusted by Gamma annually in line with the CSO CPI January data release ** Spend categories have been adjusted to only reflect the nature of goods and services that are relevant to Bloomfields Shopping Centre

SPECTRUM PORTFOLIO

57

Bloomfields Shopping Centre, Dun Laoghaire, Co. Dublin

Scheme Floor Plan

G E O R G E ' S S T R E E T LOW E R

G1/G2 Vacant

G E O R G E ' S S T R E E T LOW E R

G4 G5/G8 JJ Gunne Darboven Residential

G3 Violet

Store A Argos

IMC Cinema CONVENT LANE UC1 Sun Vision Serivce Yard

U17 Vacant

U7 Vera Moda

U1/2 Dealz

U8/9 Jack & Jones

U10 U11 Name It Diffney

U12 Peter Mark

U13 U15 Meat U14/16 Oultet Vacant Vacant

UC2B UC3 UC4 Access Vanity Hair Salon Hearing

LC2A Bloomfields Barber Shop

U17

U5 Vacant

Dance Theatre of Ireland

Anchor Store Retail Units

S

G

A

NS

ST

LI

CafĂŠs/Restaurants

RO

Y AR

E RD

EA

BR AR Y

Leisure

LA N E

Ancillary/Access Held Long Leasehold Not to scale - for indicative purposes only.

58

Entrance to Car Park

Service Yard

U6 Vacant

Tesco Supermarket

CONVENT ROAD

U3/4 Boots

SPECTRUM PORTFOLIO

Tenancy Schedule - Top 10 Tenants by Income Unit

Tenant

Area Sq m

Lease Start

Lease End

Term Years

Break

Contracted Rent

Passing Rent

3&4

Boots

368.0

10/07/1997

09/07/2022

25

-

€201,000

€201,000

1&2

Dealz

584.0

01/11/2012

31/10/2022

10

-

€200,000

€200,000

Store A (Grd & 1st floors)

Argos

806.6

02/07/1997

02/07/2022

25

-

€168,500

€168,500

7, 8 & 9

Vero Moda

298.0

30/08/2012

29/08/2027

15

29/08/2017

€45,000

€45,000

G5 & G6

Gunne Residential

73.0

22/04/2001

21/04/2026

25

-

€48,000

€36,000

Arts Centre (1st floor)

DLR County Council

400.6

01/04/2000

31/03/2025

25

-

€35,000

€35,000

10

Name It

126.0

25/06/2012

24/06/2027

15

24/06/2017

€25,000

€25,000

13

Meat Outlet

93.0

12/08/2013

11/08/2023

10

31/12/2018

€45,000

€20,000

C1

Sun Vision

75.0

26/08/2013

25/08/2018

5

-

€18,000

€18,000

G3

Voilet Hair Salon

37.0

24/03/2010

23/12/2014

4.75

-

€17,000

€17,000

Top 10 Totals

2,861.2

€802,500

€765,500

Property Totals

3,895.2

€893,820

€852,218

Top 10 tenants make up 90% of the total passing rent.

59

Bloomfields Shopping Centre, Dun Laoghaire, Co. Dublin

Profile Tenants Poundland Poundland Limited trading as Dealz is the largest single price value retailer in Europe with over 450 stores across the UK and Ireland. They first emerged in the Irish marked in 2011. Today there are over 30 Dealz stores across Ireland. Poundland Limited has a Dun & Bradstreet rating of 5A 1 with a turnover of over £880m according to their March 2013 accounts.

Boots Boots Retail (Ireland) Limited trading as Boots is one of Ireland’s leading pharmacy and beauty retailers.

Established in Ireland since 1996, Boots has 74 stores trading nationwide. According to Dun & Bradstreet, Boots Retail (Ireland) Limited’s rating is 5A 2 based on accounts dated March 2013 reporting a turnover in excess of €285 million.

Argos Argos Distributors (Ireland) Limited is a wholly owned subsidiary of the UK Parent - Home Retail Group Plc which comprises three distinct retail brands to include Argos, Habitat UK and Homebase. Argos is one of the leading retailers in the home and general merchandise market and has over 700 stores throughout the UK and Republic of Ireland with over 33,000 employees. It has a Dun & Bradstreet credit rating of 5A 2, which represents a financial strength of over €50 million as measured on Net Worth.

BER Certificate

C3 G Title We understand the property is held Freehold.

60

Solicitor’s Details Arthur Cox Sarah O’Mahony sarah.omahony@arthurcox.com T: +353 (0) 1 618 0000

Kilbarrack Shopping Centre, Kilbarrack, Dublin 5 Swords R106

Location

Malahide

M1

R108

R106

Kilbarrack is situated on the north side of Dublin and is located approximately 8 kms from the city centre.

Kilbarrack is an established residential area located between Raheny and Donaghmede.

R132

Dublin Airport

The Centre is located approximately 500 metres from Kilbarrack DART Station and is well serviced by local bus routes. There is easy vehicular access from key local distributor routes including Tonlague and Raheny roads.

R107

Portmarnock

Kinsealy M1

Set within a predominantly residential area, near a secondary school (Ardscoil La Salle) and local parish church, the Centre is well maintained and serves an important retail and administrative function for the local area.

R124

Baigriffin

M50 R132

R106

Donaghmede

R104

R108

Beaumont R103

R107

Glasnevin Drumcondra N1

Sutton

Kilbarrack

Whitehall R805

R809

R104

R103

Portmarnock Golf Club

R105

R807

St Anneâ&#x20AC;&#x2122;s Park

M50

R105

Howth R105

Bull Island

Clontarf Phibsborough R108 R109

Lucan R148

R112

Dublin

R113

Adamstown

R131

Phoenix Park

Kilbarrack

Liffey Valley

M4

R807

Ballyfermot

M50

R120

R131

Dublin

R148 R810

Kilmainham

R118 R110

Inchicore R136

R802 R111 R810 R134

Bluebell

Crumlin

R110

Clondalkin

R134

Kilbarrack is situated on the north side of Dublin, approximately 8 kms from the city centre R114

R137

R134 R113 Grange Castle Golf Club

R112

Ballymount

Rathmines

Kimmage

R138

R825

Terenure

N7

R118

R117 R137 R119 R113

R136

Booterstown

Clonskeagh

Newlands Golf Club

Casement Air Base

Ballsbridge

R112

Blackrock

Rathfarnham

M50 R137

N31

61 N31

R114

Goatsown

R113

Dun Laoghaire

Dublin Bay

Baldoyle Industrial Estate

Howth Junction DART Station

School National Rail Line to Belfast

DART Line Kilbarrack DART Station

Kilbarrack Road

School

00

SPECTRUM PORTFOLIO

Description Situated on a regular shaped site of approximately 1.1 ha (2.6 acres), the Centre extends to some 6,202 sq m (66,755 sq ft), between the internal mall and the external units facing the car park. The development is anchored by Tesco which is approximately 2,390 sq m (25,725 sq ft) and held under a long lease. It has 22 individual unit shops and a public house (long leasehold). The first floor includes a medical centre, gym and some vacant office space. A petrol station operated by Top Oil is located within the car park. The scheme has 138 surface car park spaces.

The retail element of the property is 92% occupied with a passing rent of â&#x201A;Ź720,483 per annum (after adjustments for abatements and all inclusive deals) and a contracted rent roll of â&#x201A;Ź835,938 per annum. The Weighted Average Unexpired lease Term (WAULT) is 11.8 years. Other occupiers within the scheme include Lloyds Pharmacy, Ladbrokes, Mace, More 4 Less and Pizza Hut.

Situated on a regular shaped site of approximately 1.1 ha, the Centre extends to 6,202 sq m 63

Kilbarrack Shopping Centre, Kilbarrack, Dublin 5

Catchment The catchment for Kilbarrack Shopping Centre falls within a 10 minute drive-time and includes the settlements of Kilbarrack, Raheny, Sutton and Baldoyle.

The population of this catchment was 67,670 persons at the 2011 Census, representing a 6.53% increase since the previous Census in 2006. This was the first Census since 1991 in which there was a positive population growth rate experienced.

Population

% Increase since previous Census

2002 Census

65,335

-2.65%

2006 Census

63,523

-2.77%

2011 Census

67,670

6.53%

M1 Kilbarrack Shopping Centre Swords Drivetime & Catchment R132

Primary Catchment

R139 M1

Clarehall

R135

Raheny

N1 R805

Dublin

R148

64

Donaghmede

Baldoyle

R104

Artane

Sutton

Kilbarrack R105

R107

Clontarf

• 56% of the catchment is in employment. A further 34% are students, retired or dedicated to home duties which is above the national average.

• There are a total of 25,097 households within the catchment, with an average household of 2.69 persons.

This is slightly below the national average household size of 2.78 persons.

According to Gamma*, the total annual household spend within the defined catchment is in the region of €1.22bn. This includes expenditure which is not relevant to goods and services that would be common in a shopping centre environment similar to Kilbarrack Shopping Centre. The spend has been refined to reflect expenditure categories that are only relevant to Kilbarrack Shopping Centre and the capacity it has to support it.

Category of Spend

R106

R108

• 57% of the catchment is within the top tier social class of professional, managerial, technical and non-manual workers (ABC1) which is 5% above the national average.

• 9.8% of the total housing stock within the catchment was built during the inter-censual period of 2006-2011 with 2,476 houses being completed.

10 Minute Drivetime

R107

M50

The demographic profile of the catchment can be categorised as follows;

Annual Spend Relevant to Kilbarrack Shopping Centre

Clothing & Footwear

€59,758,876

Drink & Tobacco (at home only)**

€49,202,923

Food Consumed at Home**

€132,234,882

Food Consumed away from Home**

€44,789,661

Household Durables**

€10,356,738

Household non-Durable

€22,104,099

Other Misc. Expenditure**

€52,674,926

TOTAL

€371,122,105

* Annual spend data is based on the 2011 Census and Household Budget Survey 2009/ 2010, adjusted by Gamma annually in line with the CSO CPI January data release ** Spend categories have been adjusted to only reflect the nature of goods and services that are relevant to Kilbarrack Shopping Centre

SPECTRUM PORTFOLIO

65

Kilbarrack Shopping Centre, Kilbarrack, Dublin 5

Scheme Floor Plan GRANGE PARK 25 Vacant

26 Post Office

27-28 Salyans Curry Club

16-21 Madigans Pub

1 Gleeson Butchers

22 Kidz Force Creche

2 Lloyds Pharmacy 29 Ladbrokes

Tesco Supermarket

3-5 More 4 Less 30 Grapevine Off Licence 6 Turning Heads Hairdressers 7 Revolution Nutrition

7b Vacant

138 Car Parking Spaces

8/9 FFG Takeaway

19 Kix

AV RK PA

11 Pizza Hut

GE

18 Stacks Pharmacy

17 15 14 T&N Barnardos Vacant Stores

EN

12/13 Mace

AN

Serivce Yard

GR

10 Orient Express

S WA N ’S N E S T R OA D

Anchor Store

Gym

Retail Units Cafés/Restaurants

Upper Floor Office Vacant

Leisure Ancillary/Access Medical Centre

Held Long Leasehold Not to scale - for indicative purposes only.

66

UE

Petrol Filling Station

7a Shavers Barbers

Access

U1/33 Office Vacant

SPECTRUM PORTFOLIO

Tenancy Schedule - Top 10 Tenants by Income Unit

Tenant

Area Sq m

Lease Start

Lease End

Term Years

Break

Contracted Rent

Passing Rent

Medical Centre

Clannad Medical Centre

382.3

18/10/2004

17/10/2029

25

-

€100,000

€100,000

18

Stacks Pharmacy

190.1

02/05/2003

01/05/2028

25

-

€76,185

€76,185

Petrol Station

Top Oil

76.0

01/12/2001

30/11/2018

17

-

€55,000

€48,102

11

Pizza Hut

83.6

03/11/2003

02/11/2028

25

-

€45,700

€45,000

29

Ladbrokes

86.9

04/09/2002

03/09/2017

15

-

€45,000

€45,000

3, 4 & 5

More 4 Less

217.5

20/02/2014

19/02/2024

10

19/02/2019

€44,000

€44,000

10

Orient Express

96.3

01/09/1995

31/08/2030

35

-

€39,280

€39,280

2

Lloyds Pharmacy

73.7

10/07/2009

09/07/2024

15

09/07/2019

€35,000

€35,000

6

Turning Heads / Fusion

72.3

01/04/2006

31/03/2041

35

-

€35,000

€35,000

8&9

FFG Takeaway

124.7

01/08/2014

31/07/2034

20

-

€35,000

€35,000

Top 10 Totals

1,403.4

€510,165

€502,567

Property Totals

3,264.2

€835,938

€720,396

Top 10 tenants make up 70% of the total passing rent.

67

Kilbarrack Shopping Centre, Kilbarrack, Dublin 5

Profile Tenants Lloyds Pharmacy Unicare Pharmacy Ltd trading as Lloyds Pharmacy is the largest pharmacy chain in Ireland operating from 82 branches nationwide. Unicare’s parent company is Celessio, Europe’s leading international trading company and provider of logistics and services in the pharmaceutical and healthcare sector and operates in 16 countries across the world. Unicare Pharmacy Ltd has a Dun & Bradstreet rating of O 1.

More 4 Less More 4 Less is an established Irish discount retailer founded in 1989. The company also operates as a wholesaler supplying branded and own branded products throughout Ireland and the UK. More 4 Less trades from 8 stores across Ireland and is currently expanding.

Ladbrokes Ladbrokes (Ireland) Ltd (part of Ladbrokes Plc) is the largest betting company in the UK and the largest retail bookmaker in the world. Ladbrokes operates over 2,400 betting shops divided between the UK and Ireland, with additional shops located in Spain and Belgium. Ladbrokes (Ireland) Ltd has a Dun & Bradstreet rating of N 3.

BER Certificate

B2 G

Title We understand the property is held Freehold.

68

Solicitor’s Details Eversheds Audrey Hannon audreyhannon@eversheds.ie T: +353 (0) 1 664 4200

R104

R108

The Mill Shopping Centre, Clondalkin, Dublin 22

R103

Beaumont Whitehall R103

R805

Drumcondra

Location

N1

Clondalkin is located approximately 10 kms west of Dublin city centre. It is an established suburban hub with a local population of over 60,000 people, serving an extended suburban catchment.

The property is located on Ninth Lock Road, approximately 1.5 kms west of Junction 9 of the M50 Motorway and close to the key “Newlands Cross” interchange which links the Fonthill Road with the N7 Dublin / Cork Road.

The Centre is within walking distance of Clondalkin’s Main Street with its retail and service uses. Important community uses including post office, local authority civic offices and located either in or immediately adjacent to the scheme. A McDonalds drive-thru’ restaurant is also located on the site.

Phibsborough R108 R109

Lucan

R80

R131

Phoenix Park

R112

R113

Adamstown

M50

R148

Liffey Valley

M4

R1

Glasnevin

Ballyfermot

M50

R120

Kilmainham

R131

Dublin

R148 R810

R118 R110

Inchicore R136

R8 R111 R810 R134

Bluebell

Clondalkin

R134

Crumlin

Ballsbridge

R114

R110

Rathmines

R137

R134 R113 Grange Castle Golf Club

R112

Ballymount

Kimmage

R138 R825

Terenure

N7

Clonskeagh

Newlands Golf Club

Casement Air Base

R117 R112

R137 R119 R113

R137

R136

Citywest

R114

N81

Tallaght

N82

Rathfarnham

M50

Goatsown

Dundrum

R115

R826

N7 Saggart

Clondalkin

Dublin

R113

N81

R133

M50

Sandy

Marlay Park

M50

R114

Stackstown Golf Club

Clondalkin is an established Dublin suburban hub with a local population of over 60,000 people

R117

R116

69

Park West Business & Industrial Park

M50 Motorway Western Industrial Estate

Clondalkin Industrial Estate

Elmfield Industrial Estate

Ninth Lock Road

New Nangor Road

SPECTRUM PORTFOLIO

Description The Mill Shopping Centre is a grocery retail scheme extending to approximately 9,409 sq m including Dunnes Stores (which is held under a long leasehold).

The Centre comprises a single mall with 33 retail units anchored by Dunnes Stores together with an external building of approximately 1,296 sq m which accommodates Boots, a post office and vacant first floor accommodation.

The property is situated on a site of approximately 10.8 acres with 820 surface car parking spaces.

The Centre will have a 100% occupancy rate at ground floor when the lettings in legals complete with a rent roll of â&#x201A;Ź1,291,087 per annum (after adjustments for abatements and all inclusive deals) and an attractive Weighted Average Unexpired Lease Term (WAULT) of 10.9 years.

The Centre comprises a single mall with 33 retail units anchored

by Dunnes Stores 71

The Mill Shopping Centre, Clondalkin, Dublin 22

Catchment The catchment for The Mill Shopping Centre falls within a 10 minute drive-time and includes the settlements of Clondalkin, Fairview, Kylemore, Grange Castle and Bluebell. Within this area the Mill Shopping Centre dominates convenience and complementary retail uses and accommodates the only Dunnes Stores in the catchment.

Population

% Increase since previous Census

2002 Census

56,620

2.69%

2006 Census

57,964

2.37%

2011 Census

60,128

3.73%

The Mill Shopping Centre Drivetime & Catchment

M4

• 38% of the catchment is within the top tier social class of professional, managerial, technical and non- manual workers (ABC1).

• 74.14% of the catchment are in employment, studying, retired or dedicated to home duties.

• The catchment is relatively young with 74% aged under 44 years in comparison to the national average of 66%.

• There are a total of 19,849 households within the catchment, which represents an average household of 3.00 persons. This is above the national average household size of 2.78 persons.

• There are a total of 1,222 vacant housing units within the catchment representing an overall vacancy rate of 5.8%. This is well below the national average of 16.8%.

Castleknock 10 Minute Drivetime

E01

M4

The demographic profile of the catchment can be categorised as follows;

According to Gamma*, the total annual household spend within the defined catchment is in the region of €879 million. This includes expenditure incurred which is not relevant to goods and services that would be common in a shopping centre environment similar to The Mill Shopping Centre. This spend has been refined to reflect expenditure categories that are only relevant to The Mill Shopping Centre.

Primary Catchment

Lucan

N4

Ballyformot Ballyformat R136

R148

R148

Kylemore

R113

Adamtown Bluebell

R120

R112

Crumlin

R136

R134

Clondalkin

Fairview

Grange Castle

R120

R136

Category of Spend Clothing & Footwear

€45,201,929

Drink & Tobacco (at home only)

€40,575,222

Food Consumed at Home

€101,085,522

Food Consumed away from Home**

€31,172,907

Household Durables**

€4,774,756

Household non-Durable

€16,519,129

Other Misc. Expenditure**

€36,285,346

TOTAL

€275,614,811

R137

E20

R112

R113

Annual Spend Relevant to The Mill Shopping Centre

* Annual spend is based on the 2011 Census and Household Budget Survey 2009/2010, adjusted by Gamma annually in line with the CSO CPI January data release.

E01 R137

Citywest E20

Rathcoole

72

N82

Tallaght N81

** Spend categories have been adjusted to only reflect the nature of goods and services that are relevant to The Mill Shopping Centre

SPECTRUM PORTFOLIO

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The Mill Shopping Centre, Clondalkin, Dublin 22

Scheme Floor Plan

Toilets

Minx Hair & Beauty

Eircom

Specsavers

Get Fresh

TJ McLoughlin Butchers

12

13

21

22

23

24

24A

Euro €2

Book Station

Lloyds Pharmacy

First Choice Travel

11

Kavanaghs

Dunnes Timepiece Cafe

25/26

Anchor Store Retail Units

Service Yard B Boots

27

Unit 27a Vacant

Dunnes

20

Short Cutz (Barbers)

28

Dunnes Store

Sky (Storage/Trolley Bay)

ATM Entrance to 1st Floor

19

In Fashion

18

10

Carphone Warehouse

17

9

7

Entrance to Service Yard

16 16A

Fun Tech

8

8A

6

Mr Simms

5

In Love Fashion

Tower Jewellery

3 /4

Health Nutz

14/15

More 4 Less 2

Insport

The Flower Factory

14A

2

Costa

1A

Donal McNally (Opticians)

Tuthills Newsagents

Service Yard A

Entracne to Toilets

Unit 30 The Mill Cab Co.

Post Office

Cafés/Restaurants Ancillary/Access Held Long Leasehold

N I N T H LO C K R OA D

74

Not to scale - for indicative purposes only.

SPECTRUM PORTFOLIO

Tenancy Schedule - Top 10 Tenants by Income Unit

Tenant

Area Sq m

Lease Start

Lease End

Term Years

Break

Contracted Rent

Passing Rent

1, 1A & 2

Tuthills

214.5

25/10/1994

24/10/2029

35

-

€146,045

€146,045

6&7

Lloyds Pharmacy

159.1

25/10/1994

24/10/2029

35

-

€102,720

€102,720

27

Boots

437.0

15/08/2012

14/08/2027

15

14/08/2022

€90,000

€90,000

13

TJ McLoughlin Butchers

138.2

25/10/1994

24/10/2029

35

-

€89,750

€89,750

14 & 15

Costa

157.9

10/09/2014

09/09/2034

20

09/09/2024

€67,000

€67,000

3&4

More 4 Less*

163.5

10/09/2014

09/09/2024

10

09/09/2019

€65,120

€65,120

23

Euro 2

102.2

25/10/1994

24/10/2029

35

-

€64,900

€64,900

21

Carphone Warehouse

77.3

14/07/2008

13/07/2028

20

-

€55,000

€55,000

11

Specsavers

109.6

28/07/2013

27/01/2028

15

28/07/2018

€45,000

€45,000

18

Health Nutz

81.8

07/01/2010

06/01/2030

20

07/01/2015

€59,900

€40,000

Top 10 Totals

1,641.1

€785,435

€765,535

Property Totals

3,519.3

€1,397,523

€1,291,087

*Lease documents at advanced legal stages. Term Commencement assumed to be from launch date.

Top 10 tenants make up 59% of the total passing rent.

75

The Mill Shopping Centre, Clondalkin, Dublin 22

Profile Tenants Costa Costa is one of the largest café brands operating throughout the UK and Ireland. MBCC Foods (Ireland) Limited trading as Costa Coffee is a primary franchisee operating Costa Coffee cafés across the country.

The company has a Dun & Bradstreet rating of 2A 2 with an annual turnover of €46,217,895 to 31 January 2013 and a tangible net worth of over €7.5m.

Boots Boots Retail (Ireland) Limited trading as Boots is one of Ireland’s leading pharmacy and beauty retailers.

Established in Ireland since 1996, Boots has 74 stores trading nationwide. According to Dun & Bradstreet, Boots Retail (Ireland) Limited rating is 5A 2 based on accounts dated March 2013 reporting a turnover in excess of €285 million.

Lloyds Pharmacy Unicare Pharmacy Limited trading as Lloyds Pharmacy is the largest pharmacy chain in Ireland operating from 82 branches nationwide. Unicare’s parent company is Celessio, Europe’s leading international trading company and provider of logistics and services in the pharmaceutical and healthcare sector and operates in 16 countries across the world. Unicare Pharmacy Limited has a Dun & Bradstreet rating of O 1.

BER Certificate

C1 E2 Title We understand the property is held part Freehold, part Long Leasehold.

76

Solicitor’s Details Arthur Cox Sarah O’Mahony sarah.omahony@arthurcox.com T: +353 (0) 1 618 0000

STATE LET OFFICES

> B1 & B2 Ninth Lock Road Offices, Clondalkin, Dublin 22

SPECTRUM PORTFOLIO

B1 & B2 Ninth Lock Road, Clondalkin, Dublin 22 Location Clondalkin is located approximately 10 kms west of Dublin city in an established commercial location.

The property occupies a high profile position on Ninth Lock Road opposite The Mill Shopping Centre and close to its junction to the New Nangor Road. The New Nangor Road links Clondalkin to the Naas Road Commercial area and provides easy access to Parkwest and Western Business Parks and the Clondalkin Industrial Estate.

It also provides direct access to Grange Castle, home to major international business occupiers including Pfizer, IBM and Google.

Buildings B1 and B2 are located immediately adjoining the South Dublin County Council Civic offices and are within easy walking distance of Clondalkin Main Street with its retail, service and community uses, making these buildings perfect for public or service related use.

The property occupies a high profile position on Ninth Lock Road opposite The Mill Shopping Centre

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SPECTRUM PORTFOLIO

Description The property comprises two adjoining three storey modern buildings extending to a total of 2,404 sq m (25,877 sq ft) with surface car parking to the rear for approximately 94 cars. These buildings, when combined with the adjoining, and the separately owned South Dublin Civic Offices, create the heart for social and civic services for the suburb of Clondalkin.

Whilst the buildings are held under separate tenancies, they can be combined to offer three floors of efficient, naturally lit office space.

Building 1 is let to Dublin City Council which was formally used as a Motor Tax Office.

The accommodation is laid over three floors with the ground floor laid out to provide a mix of public and back of house open plan office accommodation. The first and second floors provide for additional open plan offices together with meeting rooms, canteen, toilets & shower rooms and ancillary store / coms rooms. Dublin City Council is at advanced legal stages to sub-let their lease to the OPW (The State property body) who are seeking to expand the Social Welfare Local Office in order to accommodate “Intreo”, a new service from the Department of Social Protection offering a single point of contact for all employment and income supports.

Building 2 is let to the OPW (The State property body) for use as a Social Welfare Local Office which serves the surrounding catchment. The ground floor is laid out to provide public counters and waiting area together with open plan offices. Overhead accommodation on first and second floor provides for further open plan offices, interview rooms, toilets & showers and ancillary store rooms. It is proposed that this will be linked with the above mentioned building as part of the current “Intreo” proposals.

Specification broadly includes: • Suspended ceilings with light fittings • Perimeter trunking • Solid floors • Lifts • Gas fired central heating • Painted and plastered walls Buildings 1 and 2 generate a combined passing rent is €451,531 per annum and a Weighted Average Unexpired Lease Term (WAULT) of approximately 5.0 years.

81

B1 & B2 Ninth Lock Road, Clondalkin, Dublin 22

Sample Floor Plan

CAR PARK

B2 The Commissioners of Public Works (OPW)

B1 Dublin City Council

ENTRANCE ENTRANCE

N I N T H LO C K R OA D Not to scale - for indicative purposes only.

Tenancy Schedule Unit

Tenant

Area Sq m (CPS)

Lease Start

B1 B2

Lease End

Term Years

Break

Contracted Rent

Passing Rent

Dublin City Council

1,259 (48 spaces)

08/09/1999

08/09/2019

20

-

€236,531

€236,531

The Commissioners of Public Works in Ireland (OPW)

1,145 (46 spaces)

09/09/1999

09/09/2019

20

-

€215,000

€215,000

€451,531

€451,531

N I N T H LO C K R OA D

Property Totals

82

2,404 (94 spaces)

SPECTRUM PORTFOLIO

Covenant Information

BER Certificate

The OPW is a state agency of the Department of Finance in Ireland.

C3 D1

Dublin City Council are a state body.

Title

Solicitorâ&#x20AC;&#x2122;s Details Arthur Cox Sarah Oâ&#x20AC;&#x2122;Mahony sarah.omahony@arthurcox.com T: +353 (0) 1 618 0000

We understand the property is held Freehold.

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SPECTRUM PORTFOLIO

Pricing

Contact

The entire is for sale by Private Treaty. We are inviting offers in excess of €120 million (One Hundred and Twenty Million Euros) subject to contract and exclusive of VAT, reflecting an Initial Yield of almost 9% for the portfolio. It will be necessary for buyers to apportion individual purchase prices for each of the seven assets in addition to an overall price for the portfolio.

Rent, Rates & Service Charge Arrears The vendors will assign the benefit of all rent arrears to the purchaser (save the ‘current’ quarter). Separately the vendor agrees to make an allowance, by way of a price apportionment on closing, for any outstanding rates and service charge arrears on vacant units or for occupied units where those arrears (if any) are older than 12 months.

Bannon Hambleden House 19/26 Pembroke Street Lower Dublin 2 Ireland PSRA No. 001830

Savills Ireland 33 Molesworth Street Dublin 2 Ireland PSRA No. 002233

VAT

Roderick Nowlan Director, Investments T: +353 (0) 1 647 7909

Fergus O’Farrell Director, Investments T: +353 (0) 1 618 1311

James Quinlan Director, Retail T: +353 (0) 1 647 7920

Larry Brennan Chairman and Head of Commercial Division T: +353 (0) 1 618 1302

Viewings are strictly to be arranged through the joint selling agents.

This is an investment sale and as a result tenants are not affected.

David Carroll Associate, Investments T: +353 (0) 1 647 7961

Diane Crean Associate, Investments T: +353 (0) 1 618 1495

Further Information / Data Room

Alex Patterson Surveyor, Investments T: +353 (0) 1 647 7946

David Eaton Associate, Asset Management T: +353 (0) 1 618 1412

Information on VAT is provided for each property within the Spectrum Portfolio data room.

Viewings

Detailed tenancy schedules and further information for each of the properties is available on the dedicated data room.

To request access please go to: www.spectrumportfolio.com

PROPERTY MISREPRESENTATION ACT The joint agents and the Vendor/Lessor give note that the particulars and information contained in this brochure do not form any part of any offer or contract and are for guidance only. The particulars, descriptions, dimensions, references to condition, permissions or licences for use or occupation, access and any other details, such as prices, rents or any other outgoings are for guidance only and are subject to change. Maps and plans are not to scale and measurements are approximate. Whilst care has been taken in the preparation of this brochure intending purchasers, Lessees or any third party should not rely on particulars and information contained in this brochure as statements of fact but must satisfy themselves as to the accuracy of details given to them. Neither Bannon, Savills nor any of their employees have any authority to make or give any representation or warranty (express or implied) in relation to the property and neither Bannon, Savills nor any of their employees nor the vendor or lessor shall be liable for any loss suffered by an intending purchaser/lessees or any third party arising from the particulars or information contained in this brochure. Prices quoted are exclusive of VAT (unless otherwise stated) and all negotiations are conducted on the basis that the purchasers/lessees shall be liable for any VAT arising on the transaction. All maps produced by permission of the Ordnance Survey Ireland Licence No AU 001799 © Government of Ireland.

Designed and produced by Creativeworld. Tel +44 [0] 1282 858200

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R E T A I L

I N V E S T M E N T

P O R T F O L I O