Willsborough Enterprise Centre

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1 Willsborough Enterprise Centre Clonshaugh Business & Technology Park, Dublin 17 Best-in-Class Industrial Investment

exceptional collection of 9 high quality industrial investments in one of

2 Block 1 Entrance Block 2 On behalf of Airspace Investments Limited (a Rohan company), CBRE are delighted to offer Willsborough Enterprise Centre, an exceptional collection of 9 high quality industrial investments in one of the most established and sought after industrial and logistics locations in Dublin.

3 CONTENTS The Opportunity 2 The Proposal 3 Rohan Holdings 4 Investment Rationale 6 Location 11 Description 13 Floor Plans 15 DISCLAIMER: CBRE U.C., (CBRE IRELAND) These particulars are issued by CBRE U.C., registered in Ireland, no PSRA Licence No on the understanding that any negotiations relating to the property are conducted through them. While every care has been taken in preparing them, CBRE U.C., for themselves and for the vendor/lessor whose agents they are, give notice that: (i) The particulars are set out as a general outline for guiding potential purchasers/tenants and do not constitute any part of an offer or contract. (ii) Any representation including descriptions, dimensions, references to condition, permissions or licenses for uses or occupation, access and any other details are given in good faith and are believed to be correct, but any intending purchaser or tenant should not rely on them as statements or representations of fact but must satisfy themselves (at their own expense) as to their correctness. (iii) Neither CBRE U.C., nor any of their employees have any authority to make any or give any representation or warranty in relation to the property. Brochure prepared November

4 THE OPPORTUNITY The Willsborough Enterprise Centre comprises 37,630 sq ft of high quality industrial accommodation spread across nine adjoining units, ranging in size from 3,457 sq ft to 6,135 sq ft. The key attributes of this prime industrial asset are: Best-in-class industrial units developed by Airspace Investments Ltd. (a Rohan company) Situated in a prime nodal location, within the M50, M1, Dublin Port Tunnel & Dublin Airport axis Rare opportunity to acquire an easily managed and fully let industrial portfolio 100% let WAULT of approx. 5.3 years Total current gross annual income of 363,385 Top calibre tenants including Velux, IQOR Group, Telent Technology, IT Group, Realtime Technology and VPSitex Top quality, institutional standard lease agreements The Enterprise Centre is actively managed and maintained to a high standard Industrial is the best performing of all asset classes since Q Q total returns for industrials assets was 3.0% with year-on-year being 14.5% Continually improving general economic conditions are leading to sustained high levels of activity in the industrial sector Economy Grew by 4.1% year-on-year in October 2017 The unemployment rate in Ireland in August 2017 is at 6.2% and is at its lowest point since December 2008 Dublin Airport and Port cargo volumes are delivering sustainable growth, e.g. freight volumes in Dublin Airport were almost 20% higher in 2016 compared to 2013 Industrial rents are forecast to increase for the foreseeable future, a factor partly driven by the lack of availability in this sector 2

5 THE PROPOSAL The Willsborough Enterprise Centre is being offered for sale as one lot by Private Treaty. No warranties or guarantees in any respect, including but not limited to VAT, can be given. The Vendor is not bound to accept the highest, or indeed any offer. For the avoidance of doubt, please note that this is an investment sale, therefore all tenants are unaffected. 3

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Examples of their estates include North Dublin Corporate Park, North City Business Park, South City Business Park, Dublin AirPort Logistics Park, North Ring Business Park and Furry Park Business Park.

7 ROHAN HOLDINGS With over 40 years specialising in industrial / warehousing development, Rohan are Ireland s definitive industrial providers. They have built literally millions of square feet of space in Ireland and focus on delivering the highest quality units and estates. Examples of their estates include North Dublin Corporate Park, North City Business Park, South City Business Park, Dublin AirPort Logistics Park, North Ring Business Park and Furry Park Business Park. As developers they retain in-house Rohan Project Management and Rohan Estate Management to ensure their exacting standards are met and maintained throughout. Rohan Holdings has been at the forefront of commercial real estate development and management for over 40 years. DHL, Dublin AirPort Logistics Park Eason, Dublin AirPort Logistics Park The quality of the buildings provided by Rohan Holdings is demonstrated through their impressive client listing, which includes market leaders such as: For further information visit 5

8 450, ,000 DUBLIN INDUSTRIAL TAKE-UP (Q3) 426,641 INVESTMENT RATIONALE The Willsborough Enterprise Centre affords an investor the opportunity to secure a high quality scheme of industrial units at a price below replacement levels. In addition the units are 100% let to good covenants. Sq M 350, , , , , , , , , , , , , , , ,513 IRISH ECONOMY Key drivers of logistics and industrial demand are very healthy and forecasts to expand further over the coming years. For example, the Irish economy grew by 4.1% year on year in October 2017 (Source: IMF) and the unemployment rate in August 2017 was 6.2%, the lowest point since December , Q1- Q3 PRIME DUBLIN INDUSTRIAL FORECAST RENTS Further positive indicators of this trend include sustained growth in cargo volumes at Dublin Airport and Port, e.g. Dublin Airport cargo volumes increased by almost 20% in the past three years. These figures are fueling occupier demand in the industrial occupier market, particularly in north east Dublin in proximity to Dublin Port Tunnel and Dublin Airport, where Willsborough Enterprise Centre is well positioned. per sq m On the back of robust annual increases in consumer confidence, the Irish retail sector continues to perform well with strong monthly footfall figures and retail sales volumes across all businesses up 0.7% in the month of August 2017 (excluding motor trades) and 4.7% higher year-on-year. The growth of e-commerce is also prevalent with spending increasing by 11.5% year-on-year in August Both of these factors are key components of Dublin s Enterprise unit market f 2020f 6

9 EUROPEAN INDUSTRIAL YIELDS INVESTMENT MARKET According to the IPD Total Property Returns, Industrial is the best performing of all asset classes since Q Recently reported figures indicate industrial property continues to improve with a 3.0% total return in Q and year-on-year return of 14.5% Appetite for good industrial investment opportunities remains strong, buoyed to some extent by rental growth expectations in this sector. However, supply remains constrained. Prime yields in this sector are currently at 5.25% (and trending stronger), which is attractive compared to office and retail yields. From a European perspective, Ireland s prime industrial yield is also competitive, as illustrated by the chart opposite. OCCUPIER MARKET 48,863 sq m of take-up was recorded in the Dublin industrial & logistics market during the third quarter of 2017, bringing total take-up in this sector in the first three quarters of 2017 to almost 170,000 sq m. This represents another strong year of industrial demand with the lack of available quality units being one of the main market constraints. % Vienna Brussels Prague Copenhagen Paris Ile-de-France Berlin Frankfurt am Main Hamburg Munich Budapest Dublin Milan Rome Amsterdam Rotterdam Warsaw Barcelona London - Central Prime rents continue to increase to replacement levels and are now at per sq. m. ( 9.25 per sq ft) at the end of Q having increased by 6% since the beginning of the year. As such, rental growth is forecast to continue for the foreseeable future. 7

ASSET OVERVIEW Nine units ranging in size from 3,457 sq ft to 6,135 sq ft, providing a total area of 37,630 sq ft 100% let Key tenants include Velux, IQOR Group, Telent Technology and IT Group Total

10 ASSET OVERVIEW Nine units ranging in size from 3,457 sq ft to 6,135 sq ft, providing a total area of 37,630 sq ft 100% let Key tenants include Velux, IQOR Group, Telent Technology and IT Group Total current income of 363,385 per annum WAULT of approximately 5.3 years % OF INCOME GENERATED BY TENANT 14% 13% 7% 8% 14% 12% 12% Velux Company Ltd Realtime Technologies Ltd VPSitex Ireland Ltd Vernon Stores Ltd Around Noon Ltd Iqor Global Services Ireland Ltd Optrace Ltd IT Rollout Consultancy Ltd Telent Technology Services Ltd 11% 9% 8

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12 <SOUTH BOUND M50 DUBLIN AIRPORT <CITY CENTRE New Data Centre Under Construction M1 JUNCTION 3 BELFAST> CLONSHAUGH BUSINESS & TECHNOLOGY PARK 10

M2 M1 2 Swords DUBLIN AIRPORT 2 1 M50 4 3 N3 5 N32 Blanchardstown Finglas Santry 2 Coolock 2 PORT TUNNEL 6 N2 Beaumont M50 Drumcondra LOCATION The Willsborough Enterprise Centre is situated in a well

13 M2 M1 2 Swords DUBLIN AIRPORT 2 1 M N3 5 N32 Blanchardstown Finglas Santry 2 Coolock 2 PORT TUNNEL 6 N2 Beaumont M50 Drumcondra LOCATION The Willsborough Enterprise Centre is situated in a well sought after location with excellent access to the national road networks. The scheme is extremely well positioned in the heart of the M1, M50, Port Tunnel and Airport axis, which is in high demand from industrial and logistics occupiers. These nodal locations are recognised the world over as the prime addresses for industrial buildings. N Lucan Clondalkin Ballyfermot 1 9 N4 N3 N1 N2 N81 N1 DUBLIN CITY CENTRE N11 DUBLIN PORT N7 Walkinstown 11

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DESCRIPTION Rohan Holdings are renowned for the overall quality of their buildings and the exceptional maintenance of their estates, which ultimately acts as a strong driver for occupier demand.

15 DESCRIPTION Rohan Holdings are renowned for the overall quality of their buildings and the exceptional maintenance of their estates, which ultimately acts as a strong driver for occupier demand. The individual buildings are all of modern construction and have been developed to the highest specifications in the marketplace and well maintained since. The Willsborough Enterprise Centre comprises nine industrial units within two blocks. The units range in size from 3,457 sq ft to 6,135 sq ft. Typical specification for the units includes: Clear span steel portal frame construction 6.3 metre clear internal height Loading access by sectional grade level door Floor loading minimum of 50Kn/m 2 Open plan office accommodation at ground and first floors TENANCY INFORMATION Unit Tenant Lease Term Review Current Start Period Rent* Unit 1 Velux Company Ltd 1-Mar yearly 46,000 Unit 2 Realtime Technologies Ltd 14-May yearly 44,950 Unit 3 VPSitex Ireland Ltd 31-Oct yearly 43,375 Unit 4 Vernon Stores Limited 25-Aug yearly 31,500 Unit 5 Around Noon Limited 2-Jun yearly 32,000 Unit 6 Iqor Global Services Ireland Ltd 30-Apr yearly 50,000 Unit 7 Optrace Ltd 1-Apr yearly 24,000 Unit 8 IT Rollout Consultancy td 14-Nov-13 5 N/A 31,060 Unit 9 Telent Technology Services Ltd 11-Mar yearly 51, Car Spaces Around Noon Limited 2-Jun N/A 9,000 Total 363,385 *Rent is per annum, exclusive of all other outgoings. (i.e. rates, insurance, service charge, utilities, VAT). BER Rating: C1 - E1 Number: Energy Rating Performance: kwh/m²/yr kwh/m²/yr

16 COVENANT DETAILS Tenant *Dun & Bradstreet Credit Score Comment Velux Company Limited 2A1 Velux Company Ltd is a sales and marketing organisation covering the whole of the United Kingdom and Ireland. VELUX Company Ltd are part of the international VELUX Group with sales and manufacturing operations in more than 35 countries and 10,000 employees worldwide. Realtime Technologies Limited 2A3 Realtime Technologies is a provider of Electronic Manufacturing Services and integrated supply chain solutions. The company was founded in Dublin in 1996 and has operations in the Czech Republic. FLOOR AREAS VPSitex Ireland Limited N3 VPSitex is part of the VPS Group, which secure, maintain and manage vacant properties on behalf of a wide range of customers around the world. VPS Group estimate to have global revenues of approximately 200m, more than 2000 employees and more than 90,000 properties under management. The approximate gross internal floor areas are as follows: UNIT TENANT WAREHOUSE OFFICE TOTAL SQ FT SQ FT SQ FT Vernon Stores Limited 1A3 Vernon Stores Limited, trading as Vernon Catering was founded in Dublin over 65 years ago. Vernon Catering is a 100% family owned business supplying fresh fruit and vegetables to the catering trade. Unit 1 Velux Company Ltd 2,771 1,057 3,828 Unit 2 Realtime Technologies Ltd 2, ,676 Around Noon Limited A3 Around Noon is a family business founded in The business delivers sandwiches and snacks daily across the UK & Ireland. Unit 3 VPSitex Ireland Ltd 2, ,457 Unit 4 Vernon Stores Ltd 2, ,525 Iqor Global Services Ireland Limited Optrace Limited A2 N3 Iqor are providers of business process outsourcing services. Iqor employs 45,000 people in 18 countries worldwide. Optrace Ltd is a recently formed company based in Dublin, Ireland which has licensed the holographic technology developed by the Centre for Industrial and Engineering Optics (IEO), Dublin Institute of Technology, on an exclusive worldwide basis. Optrace are utilising this technology for the production of serialised holographic labels for the anti-counterfeiting market as authentication devices. Unit 5 Around Noon Ltd 2, ,774 Unit 6 Iqor Global Services Ireland Ltd 2,423 1,742 4,165 Unit 7 Optrace Ltd 2,787 1,225 4,042 Unit 8 IT Rollout Consultancy Ltd 3,608 2,527 6,135 Unit 9 Telent Technology Services Ltd 2,444 2,583 5,027 IT Rollout Consultancy Limited Telent Technology Services Limited F2 5A1 *Dun & Bradstreet Credit Reports available in the data room. IT Rollout Consultancy trading at IT Group, was established in 2000 as a Service Provider to the CARA Group. The company provides a range of services to include Asset Management, Software Development, Online Timesheet Tracking, Logistics, Building Move Services and Service Desk Management. Telent Technology Services Limited provide technology and network services to many of the UK and Ireland s largest operational systems, from Public Safety to Defense, Transport to Service Provider. Total 24,725 12,874 37,630 A summary measurement survey, prepared by KRA, is available in the data room. 14

17 TYPICAL FLOOR PLANS Warehouse Area Office Area Office Area Unit 4 Ground Floor Unit 4 First Floor All detailed floorplans are available in the data room. 15

18 TYPICAL FLOOR PLANS Warehouse Area Office Area Office Area Unit 5 Ground Floor Unit 5 First Floor All detailed floorplans are available in the data room. 16

19 SOLICITOR CONTACT DETAILS KENNETH EGAN AGENT CONTACT DETAILS WILLIE NORSE EMMA COURTNEY DEVELOPER CONTACT DETAILS PETER LEVINS

European Industrial Occupier Conditions

European Industrial Occupier Conditions Occupiers face looming supply shortage February 2013 Introduction Welcome to our latest industrial occupier conditions slide deck which accompanies our bi-annual