NATIONAL PORTFOLIO IRISH RETAIL INVESTMENT OPPORTUNITY

Transcription

1 NATIONAL PORTFOLIO

2 NATIONAL PORTFOLIO NUTGROVE RETAIL PARK RATHFARNHAM, DUBLIN 14 LETTERKENNY RETAIL PARK CO. DONEGAL SLIGO RETAIL PARK CO. SLIGO TULLAMORE RETAIL PARK CO. OFFALY DEERPARK SHOPPING PARK KILLARNEY, CO. KERRY

3 NATIONAL PORTFOLIO CONTENTS Introduction 4 SLIGO RETAIL PARK 35 The Assets 6 Key Investment Considerations 36 Portfolio Analysis 8 Location 37 Why Invest In Irish Retail Property? 10 Description 39 Contacts & Further Information 12 Catchment Details 40 Tenancy Overview & Analysis 41 NUTGROVE RETAIL PARK 13 Key Investment Considerations 14 Accommodation & Site Plan 42 Further Information 44 NATIONAL PORTFOLIO NUTGROVE RETAIL PARK LETTERKENNY RETAIL PARK Location 15 Description 17 Catchment Details 18 Tenancy Overview & Analysis 19 TULLAMORE RETAIL PARK 45 Key Investment Considerations 46 Location 47 Accommodation & Site Plan 20 Description 49 Further Information 22 Catchment Details 50 Tenancy Overview & Analysis 51 LETTERKENNY RETAIL PARK 23 Key Investment Considerations 24 Accommodation & Site Plan 52 Further Information 54 Location 25 Description 27 DEERPARK SHOPPING PARK 55 Catchment Details 28 Key Investment Considerations 56 Tenancy Overview & Analysis 29 Location 57 Accommodation & Site Plan 30 Description 59 Further Information 34 Catchment Details 60 Tenancy Overview & Analysis 61 Accommodation & Site Plan 62 Further Information 64 SLIGO RETAIL PARK TULLAMORE RETAIL PARK DEERPARK SHOPPING PARK CONTENTS 3

4 INTRODUCTION ON BEHALF OF THE VENDORS, JLL AND SAVILLS ARE DELIGHTED TO PRESENT THE NATIONAL PORTFOLIO, A PORTFOLIO OF FIVE RETAIL PARKS DEERPARK RETAIL PARK NATIONAL PORTFOLIO These diverse assets represent a major opportunity to obtain a significant stake in, and exposure to, the fast recovering Irish retail market. At over 1.1 million sq. ft. the National Portfolio will represent the largest Irish real estate opportunity to come to the market in the current cycle in terms of its overall floor area. LETTERKENNY 2 The portfolio offers a strong geographic spread and a strong line-up of tenants, along with a variety of active asset management opportunities. Each retail park has its own strengths and collectively they provide a purchaser with excellent exposure to the retail market. LOCATION OF THE ASSETS OPPORTUNITY The portfolio is being offered for sale in One or More Lots: 3 SLIGO 1 NUTGROVE RETAIL PARK, RATHFARNHAM, DUBLIN 14 PRIME SOUTH DUBLIN RETAIL PARK LOT 1: Nutgrove Retail Park LOT 2: Letterkenny Retail Park, Sligo Retail Park, Tullamore Retail Park and Deerpark Shopping Park LOT 3: The Entire National Portfolio For the avoidance of doubt please note that this is a property investment sale therefore no tenants are affected. TULLAMORE 4 1 RATHFARNHAM 2 3 LETTERKENNY RETAIL PARK, CO. DONEGAL RETAIL PARK WITH STRONG FASHION OFFER SLIGO RETAIL PARK, CO. SLIGO LONG INCOME RETAIL PARK 5 retail parks across 5 counties 94 retail & commercial units with a low vacancy rate of approximately 10.26% Over 1.1 million sq. ft. of space Total passing rents of approximately 12.3 million per annum 5 KILLARNEY 4 5 TULLAMORE RETAIL PARK, CO. OFFALY WELL ANCHORED LONG INCOME RETAIL PARK DEERPARK SHOPPING PARK, KILLARNEY, CO. KERRY WELL ANCHORED SHOPPING PARK INCLUDING OPEN USE RETAIL Overall WAULT of approximately 10 An opportunity to invest at scale in the recovering retail market Major tenants include Woodies, Homebase and Aldi 4 INTRODUCTION INTRODUCTION 5

5 NATIONAL PORTFOLIO THE ASSETS Nutgrove Retail Park, Rathfarnham, Dublin 16 Letterkenny Retail Park, Co. Donegal Sligo Retail Park, Co. Sligo Tullamore Retail Park, Co. Offaly Deerpark Shopping Park, Killarney, Co. Kerry 18,431.3 sq. m. (198,392 sq. ft.) purpose built retail park Including 5,339.8 sq. m. (57,477 sq. ft.) of office and leisure facilities on upper floors Situated in an established residential location in Rathfarnham, South Dublin Excess 600 car spaces at grade and basement levels Current rent of approximately 4.1 million per annum 76% income secured by Homebase, Harvey Norman and Aldi WAULT of approximately 13.9 Open consent scheme with an offer equivalent to a large shopping centre extending to 35, sq. m. (380,230 sq. ft.) within four phases Strong fashion presence with leading names such as New Look, M&S, TK Maxx, River Island, Next and H&M Other leading occupiers include Homebase, Halfords, Argos, Boots and Smyths Toys 38 unit retail park immediately adjoining the town centre Current rent of approximately 3.05 million per annum WAULT of approximately 9 L-shaped retail park extending in total to 25,302.6 sq. m. (272,355 sq. ft.) 18 unit retail park with ample car parking Strong food offer with 3 restaurants at entrance to Park Main tenants include Homebase, Halfords, Currys, PC World, Smyths Toys and McDonalds Current rent of approximately 2.10 million per annum WAULT of approximately 7.9 U-shaped retail park extending to approximately 15,702.6 sq. m. (169,021 sq. ft.) Main tenants include Woodies, Heatons, Argos, DID Electrical and Harry Corry Situated adjacent to a large Tesco Extra supermarket and Tesco petrol station Current gross rent of approximately 1.48 million per annum WAULT of approximately ,861.8 sq. m. (127,679 sq. ft.) mixed use shopping park One of the few retail parks in Ireland with open retail use Located in the heart of the busy tourist destination of Killarney Key tenants include M&S, Homesbase, Arcadia Group, Argos and Boots Adjacent to Tesco Superstore and Aldi Current rent of approximately 1.55 million per annum WAULT of approximately THE ASSETS THE ASSETS 7

6 Killarney 11.12% Nutgrove 17.29% Tullamore 14.73% NATIONAL PORTFOLIO Killarney 12.64% Tullamore 12.05% PORTFOLIO ANALYSIS Sligo 23.73% % % Nutgrove 33.39% % OVERALL SPACE PER SCHEME TOTAL INCOME (PER ANNUM) UNEXPIRED LEASE PROFILE TO EXPIRY SCHEME VACANCY Letterkenny 33.13% Sligo 17.10% etterkenny 24.82% Nutgrove Letterkenny Sligo Tullamore Killlarney % Area sq. ft. 198, , , , ,679 % Portfolio 17.29% 33.13% 23.73% 14.73% 11.12% Killarney 11.12% Killarney Nutgrove 11.12% 17.29% Killarney 12.64% Nutgrove 17.29% Nutgrove Letterkenny Sligo Tullamore Killlarney Total Rent 4,102,067 3,048,456 2,100,805 1,479,830 1,553,249 Killarney 11.12% Nutgrove 17.29% Killarney 12.64% % Portfolio 33.39% 24.82% 17.10% 12.05% 12.64% Tullamore 14.73% Tullamore 12.05% % % 1.36% Killarney 11.12% Killarney Nutgrove 12.64% 33.39% Nutgrove 17.29% Nutgrove 33.39% Killarney 12.64% Sligo 23.73% Letterkenny 33.13% Sligo 17.10% % 0-2 yrs 2-5 yrs 5-10 yrs 10yrs+ Nutgrove 33.39% % Total 60, % 167,259 1,173,860 10,882, % % Total 0.49% 1.36% 9.56% 88.59% % 1.36% % % Nutgrove 33.39% % Letterkenny 24.82% % Nutgrove Letterkenny Sligo Tullamore Killlarney Vacant sq. ft. 14,355 28,796 47,258 21,227 6,073 Occupied sq. ft. 184, , , , ,606 % Vacant 7.24% 7.57% 17.35% 12.56% 4.76% Killarney 4.76% Nutgrove 7.24% Tullamore 14.73% Tullamore 14.73% Tullamore 12.05% Tullamore 14.73% Tullamore 12.05% % Tullamore 12.05% % % Tullamore 12.56% Letterkenny 7.57% Sligo 23.73% % % Sligo Letterkenny 23.73% 33.13% % Sligo 17.10% Letterkenny 33.13% Sligo 23.73% Sligo Letterkenny 17.10% 24.82% Killarney 11.12% Killarney 4.76% Tullamore 14.73% Letterkenny 33.13% Letterkenny 24.82% Sligo 17.10% Nutgrove 17.29% Killarney 12.64% Nutgrove 7.24% Tullamore 12.05% Letterkenny 24.82% % Nutgrove 33.39% % % % % % Sligo 17.35% % Tullamore 12.56% Letterkenny 7.57% % % Sligo 23.73% COVENANT PROFILE (BY INCOME) Multinational 8,446, % Nutgrove Letterkenny Sligo Tullamore Killlarney Total Killarney 4.76% Killarney Nutgrove 4.76% 7.24% Nutgrove 7.24% Killarney 4.76% Nutgrove 7.24% National 3,414, % WAULT to Expiry Yrs % Local 423, % WAULT to Break Yrs Tullamore 12.56% Tullamore 12.56% Tullamore 12.56% Letterkenny 7.57% Letterkenny 7.57% Letterkenny 7.57% Local 3.44% 20 Sligo 17.35% Sligo 17.35% Sligo 17.35% 15 Killarney 4.76% National 27.80% 10 Tullamore 12.56% 5 Multinational 68.76% Letterkenny 33.13% Sligo 17.10% Letterkenny 24.82% WAULT PER CENTRE % % UNEXPIRED LEASE PROFILE TO EARLIEST BREAK 0-2 / EXPIRY 8.07% Local 3.44% National 27.80% WAULT to Break Yrs % % 0-2 yrs 2-5 yrs % 5-10 yrs 10yrs % Total 991, % 1,435,904 4,345,718 5,511,720 % Total 8.07% 11.69% 35.38% 44.87% Local 3.44% % Local 3.44% TOP 15 TENANTS 20 Tenant Total passing rent pa No Leases % Total Rent Portfolio Homebase House & Garden Centre Limited 2,556, % 15 Harvey Norman Leasing (Rathfarnham) Limited 1,025, % ALDI Stores (Ireland) Limited 678, % Harry Corry Limited , % Atlantic Homecare Limited 500, % Argos Distributors (Ireland) Limited 475, % 5 New Look Retailers (Ireland) Limited 426, % DSG Retail Ireland Limited 390, % Halfords Limited 0 387, % The Health Service Executive 322, % Boots Retail (Ireland) Limited 309, % Arcadia Group Multiples Ireland Limited 297, % Heatons 281,600 1 WAULT to Expiry Yrs WAULT to Break Yrs 2.29% MBCC Foods (Ireland) Limited 280, % National 27.80% National 27.80% Prime Fitness Limited 270, % 8 PORTFOLIO ANALYSIS Multinational 68.76% Multinational 68.76% PORTFOLIO ANALYSIS Local 3.44% 10 Multinational 68.76% Sligo 17.35% Sligo 17.35% Nutgrove Letterkenny Sligo Tullamore Killarney Total WAULT to Expiry Yrs Nutgrove 7.24% Letterkenny 7.57% % % % National 27.80% % % Multinational 68.76% % Local 3.44% Nutgrove Letterkenny Sligo Tullamore Killarney Total 10.02

7 NATIONAL PORTFOLIO WHY INVEST IN IRISH RETAIL PROPERTY? Irish retail property has experienced a strong recovery in recent. Although still not back to peak, the underlying economic indicators affecting consumer confidence and spending are all improving and retail property is benefiting from this turnaround. This trend appears likely to continue. STRONG ECONOMIC GROWTH FORECAST SUB-9% UNEMPLOYMENT LEVELS POSITIVE CONSUMER SENTIMENT CONSUMER SPENDING IS RISING RENTAL GROWTH FORECAST Ireland was the fastest growing economy in Europe in 2014 with GDP growth of 4.8% (CSO) Forecasts show continued strength, with 3.7% and 3.8% increases in GDP in 2015 and 2016 respectively (Oxford Economics). This is the second highest in Europe for 2015 The increases are driven by a recovering domestic economy, and continued growth in the export sector The improvements in the economy are also positively impacting labour markets Unemployment levels have decreased from 15.1% in February 2012 to 9.8% in April 2015 IBEC forecast that the unemployment rate will continue to decrease and will fall below 9% in 2015 The Consumer Sentiment Index (ESRI) has increased in the 12 months to May 2015 from 79.4 to 98.5 Private sector PMI s are also showing strong signs of recovery Inflation remains stable, with no inflationary pressure on the economy Annual retail sales levels have increased in the last 12 months Values (8.3%) and Volumes (11.9%) are significantly higher than April 2014 (CSO) The JLL Irish Property Index shows that across all retail sectors, ERV s decreased by 51.6% from the peak of the market in Q to the trough in Q Since they bottomed, they have increased by 10.0%, although they remain 46.7% lower than the peak Retail Capital Values have also decreased significantly, with falls of 70.4% from the peak in Q to the trough in Q Capital Values have increased for the last 7 consecutive quarters, with an increase of 42.8% since the trough GNP is also improving with increases of 5.2% in 2014 (CSO) and forecast growth of 3.9% and 3.5% in 2015 and 2016 respectively (Central Bank) Retail Capital Values remain 57.7% below the peak of the market, and are therefore at a turning point in the cycle Ireland Ireland GDP GDP (CSO (CSO and and Oxford Oxford Economics) Ireland GDP Ireland (CSO GDP and (CSO Oxford and Economics) Oxford Economics) Unemployment Rate Rate (CSO) (CSO) Unemployment Unemployment Rate (CSO) Rate Consumer (CSO) Sentiment Index Index (ESRI) (ESRI) Consumer Consumer Sentiment Sentiment Index (ESRI) Index (ESRI) Retail Retail Sales Sales Index Index (CSO) (CSO) Retail Sales Retail Index Sales (CSO) Index (CSO) JLL JLL Irish Irish Property Index: Index: Retail Retail JLL Irish Property JLL Irish Index: Property Retail Index: Retail 6% 6% 6% 6% 16% 16% 16% 16% % 10% 10% 10% % 4% 4% 4% 14% 14% 14% 14% % 5% 5% 5% Y-o-Y % Change 2% 2% Y-o-Y % Change 0% 0% -2% -2% -4% -4% Y-o-Y % Change 2% 0% -2% -4% Y-o-Y % Change 2% 0% -2% -4% Unemployment Rate 12% 12% Unemployment Rate 10% 10% 8% 8% 6% 6% 4% 4% Unemployment Rate 12% 10% 8% 6% 4% Unemployment Rate 12% 10% 8% 6% 4% Index Index Index Index Annual % Change 0% 0% Annual % Change -5% -5% -10% -10% Annual % Change 0% -5% -10% Annual % Change 0% -5% -10% Index Index Index Index % -6% -6% -6% 2% 2% 2% 2% % -15% -15% -15% % -8% % % (f) 2015 (f) (f) 2016 (f) % 0% (f) (f) (f) (f) % % Apr Apr Jan Jan Jan 07 Jan Jan 08 Jan Jan 09 Jan Jan Apr Jan Jan 11 Jan Apr Jan 12 0 Jan 12 Jan 06 Jan 13 0 Jan 13 Jan 07 Jan 14 Jan 06 Jan 14 Jan 08 Jan 15 Jan 07 Jan 15 Jan 09 Jan 08 Jan 10 Jan 09 Jan 11-20% -20% -20% -20% Jan 10 Jan 12 Jan 11 Jan 13 Jan 12 Jan 14 Jan 13 Jan 15 Jan 14 Jan 15 Value Value Volume Volume Value Value Volume Volume Q Q Q Q ERV ERV Capital Capital Value Value ERV ERV Capital Value Capital Value 10 WHY INVEST IN IRISH RETAIL PROPERTY? WHY INVEST IN IRISH RETAIL PROPERTY? 11

8 CONTACTS & FURTHER INFORMATION NUTGROVE RETAIL PARK JOINT SELLING AGENTS SOLICITORS Savills 33 Molesworth Street Dublin 2 JLL Styne House Upper Hatch Street Dublin 2 Nutgrove Retail Park Letterkenny Retail Park / Sligo Retail Park / Tullamore Retail Park / Deerpark Shopping Park Domhnaill O Sullivan [email protected] John Moran [email protected] William Fry 2 Grand Canal Square Dublin 2 Arthur Cox Earlsfort Terrace Dublin 2 Kevin McMahon [email protected] Margaret Fleming [email protected] Edward Spain [email protected] Mark Barr [email protected] Brian Shields [email protected] Brian O Rourke [email protected] PSRA: PSRA: Additional information, including detailed tenancy schedules, floor plans, financial information, title information and CVL files is available in the dedicated dataroom. To request access please go to the dedicated website PROPERTY MISREPRESENTATION ACT The joint agents and the Vendor 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 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 Savills, JLL 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 Savills, JLL nor any of their employees nor the vendor 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 shall be liable for any VAT arising on the transaction. All maps produced by permission of the Ordnance Survey Ireland Licence No AU Government of Ireland. July Designed and produced by Creativeworld. Tel +44 [0] PROPERTY 1 NUTGROVE RETAIL PARK, RATHFARNHAM, DUBLIN 14 PRIME SOUTH DUBLIN RETAIL PARK On the instructions of Simon Coyle, Receiver, Mazars 12 CONTACTS & FURTHER INFORMATION

9 R148 NATIONAL PORTFOLIO Nutgrove Retail Park N4 R805 N1 R131 R112 R109 Kilmainham Dublin LOCATION R111 R134 R810 Crumlin Kimmage Rathmines R117 Ballsbridge R118 Donnybrook Nutgrove Retail Park occupies a prominent corner position at the junction of Nutgrove Avenue and Whitehall Road, directly opposite Nutgrove Shopping Centre which is anchored by Dunnes Stores and Pennys. The scheme is located in the heart of Rathfarnham, one of South Dublin s principal suburban areas. KEY INVESTMENT CONSIDERATIONS 18,431.3 sq. m. (198,392 sq. ft.) purpose built retail park Current gross rent of approximately 4.1 million per annum Including 5,339.8 sq. m. (57,477 sq. ft.) of office and leisure facilities on upper floors 76% income secured by Homebase, Harvey Norman and Aldi Over 600 car spaces at grade and basement levels WAULT of approximately 13.9 Located in an established residential area in South Dublin The park has high occupancy levels, with approximately 93% of the scheme let R136 R113 Ballymount M50 N81 R113 R112 R137 M50 R817 Terenure R114 BALLYBODEN ROAD R133 R137 Rathfarnham GRANGE ROAD ST ENDAS PARK DODDER PARK ROAD HILLSIDE DRIVE NUTGROVE A V E NUE MARLEY PARK NUTGROV E WAY AVE BEAUMOUNT BARTON ROAD BALLI R117 NUTGROVE RETAIL PARK Dundrum R826 NTEER AVE R825 Churchtown BALLAWLEY PARK R117 R138 Belfield Stillorgan N31 R113 Nutgrove Retail Park is situated approximately 7 km south of St. Stephen s Green, 4 km north of the M50 off Junction 13 (Dundrum). This affluent area benefits from excellent road links with the N81 providing fast and direct access to the City Centre while the M50 provides access to all main arterial routes around Dublin and all surrounding suburban and commuter towns. The area is well served by a variety of frequently operating Dublin Bus routes from the adjacent Nutgrove Avenue (Whitehall Road) bus stop. Nutgrove Retail Park s transport accessibility is aided by the location of the LUAS Green Line stop at Dundrum which is approximately 1.6 km to the east of Nutgrove Retail Park and connects to St Stephen s Green in under 15 minutes with services operating every 3-6 minutes during peak times. Dublin Airport is located 17 km to the north. M50 14 PROPERTY 1 NUTGROVE RETAIL PARK, RATHFARNHAM, DUBLIN 14 PRIME SOUTH DUBLIN RETAIL PARK 15 Belarmine R114 R115 R1

10 DUBLIN CITY CENTRE MILLTOWN MILLTOWN GOLF CLUB UCD ELM PARK NUTGROVE AVENUE NUTGROVE RETAIL CENTRE DUNDRUM NATIONAL PORTFOLIO DESCRIPTION Nutgrove Retail Park was developed in 2007 and extends to approximately 18,431.3 sq. m. (198,392 sq. ft.) providing 13,091.5 sq. m. (140,915 sq. ft.) of retail warehouse accommodation in addition to 5,339.8 sq. m. (57,477 sq. ft.) of overhead office and leisure accommodation in a linear shaped layout. There are approximately 619 customer car spaces within the Retail Park including 169 spaces within a single level surface car park. Nutgrove Retail Park comprises five retail warehouse units in total and is anchored by Homebase. Other occupiers within this part of the scheme include Aldi, Harry Corry, Mr Price and Harvey Norman. Each of the subject units provides open plan retail warehouse accommodation and range in size from 698 sq. m. (7,513 sq. ft.) to 5,058 sq. m. (54,452 sq. ft.). The scheme also includes an oval-shaped standalone Costa Coffee building of sq. m. (5,219 sq. ft.) over ground and first floor levels. The unit is at the western end of the retail park and benefits from an excellent profile onto Nutgrove Avenue. The office accommodation, which is situated above ground floor retail Units 2, 3 and 4, is modern and well-presented and is laid out in a mix of open plan and cellular space. NUTGROVE RETAIL PARK The specification of Units 8 and 12 includes raised access floors and suspended ceilings while Unit 13 is currently finished to a shell condition. The office units range in size from sq. m. (4,414 sq. ft.) to 496 sq. m. (5,339 sq. ft.). NUTGROVE SHOPPING CENTRE The scheme also includes an Energie Fitness Centre which is situated within Unit 7 and is located at first and second floor level. The unit provides a gym and leisure facility which includes a 20 metre pool and two cardio studios and extends to a total area of 2,323.1 sq. m. (25,006 sq. ft.). Access to all upper floor units is provided by two lift and stair core lobbies, one adjacent to Homebase and one adjacent to Harvey Norman. These lifts also service the basement. Homebase also have a dedicated customer lift at the entrance to their store which provides access to the basement car park. The service access to Nutgrove Retail Park is from the western end of the scheme off Whitehall Road and runs along the northern perimeter of the scheme. The Retail Park sits on a site area of approximately 2.7 hectares (6.67 acres). 16 PROPERTY 1 NUTGROVE RETAIL PARK, RATHFARNHAM, DUBLIN 14 PRIME SOUTH DUBLIN RETAIL PARK 17

11 1 R % R109 NATIONAL PORTFOLIO Dublin R112 Kilmainham 0 to 2 11% CATCHMENT DETAILS R % 5 to 10 2% Nutgrove Retail Park is situated in a densely developed and prosperous suburb of South Dublin. Its catchment extends to include Rathmines and Rathgar to the north, all of the greater Rathfarnham area and parts of Templeogue to the west and south, and much of Dundrum is within a 10 minute drivetime. R810 Crumlin R117 Ballsbridge R118 TENANCY OVERVIEW The bespoke catchment area of Nutgrove Retail Park has 85,298 persons. 55% of the population are within the category. Education is well above the national average with 46% of the population over 15 having a third level degree compared to 25% nationally. Employment is high, and 56% of the working population are in the top two Social Class categories (Professional & Managerial) compared to 35% nationally. This all drives expenditure which at 1,024 per week per household is 22% higher than the national average. Ballymount Population Change Area Area (% Change) Total Population , % Total Population , % Total Population , % Category of Spend Food 243,358,449 R136 R113 M50 N81 R112 R137 Kimmage R817 R114 R137 Rathfarnham BALLYBODEN ROAD GRANGE RD R822 Rathmines BRAEMOR RD NUTGROVE RETAIL PARK NUTGROVE A V E NUE R825 Dundrum Donnybrook Belfield Stillorgan N31 Nutgrove Retail Park is let to a total of 10 tenants including Homebase, Harvey Norman, Aldi and HSE. The current total rent is 4,102,067 per annum. INCOME PROFILE The weighted average unexpired term is 18 to lease expiries and 13.9 to break options. Income Profile (Expiry) 0 to 2 15, % 2 to 5 13, % 5 to % ,074,067 99% Average Weighted Unexpired Term 18 0 to 2 0.5% 2 to 5 0.5% 0 to 2 0.5% 2 to 5 0.5% % % Covenant Strength by Income In the region of 82% of the current income is secured against multinational covenants. Multinational 3,381,545 82% National 720,522 18% Energie Fitness 7% HSE 0 8% to 2 0.5% 2 to 5 0.5% Homebase 35% Aldi 17% % Harvey Norman 25% National 18% 0 to 2 11% 5 to 10 2% Multinational 82% % NUTGROV E Alcoholic Drink & Tobacco 115,680,997 Clothing & Footwear 82,366,796 R133 WAY Housing 360,208,984 Durable Household Goods 60,455,894 Non-Durable Household Goods 29,959,123 Fuel & Light 57,358,450 Miscellaneous Goods and Services 579,329,133 Transport 214,429,732 Total Expenditure 1,743,147,557 R113 M50 R826 M50 10 Min Drivetime Catchment R 17 R113 Income Profile (Breaks) 0 to 2 450,522 11% 2 to 5 0 0% 5 to 10 65,000 2% ,586,545 87% Average Weighted Unexpired Term % % 0 to 2 11% 5 0 to to % 2% 5 to 10 2% Top 5 Tenants by Income Tenant Current Gross Rent (Per Annum) % of Total Gross Rent Homebase 1,428,000 35% Harvey Norman 1,025,000 25% Aldi 678,545 17% The Health Service Executive 322,522 8% Energie Fitness 7% HSE 8% Aldi 17% Homebase 35% Harvey Norman 25% Source HBS 2009/10 R114 R115 R117 Energie Fitness 7% Energie Fitness 7% HSE 8% Energie Fitness 270,000 7% HSE 8% National 18% Aldi 17% Aldi 17% Homebase 35% Homebase 35% Multinational 82% Harvey Norman 25% 18 PROPERTY 1 NUTGROVE RETAIL PARK, RATHFARNHAM, DUBLIN 14 PRIME SOUTH DUBLIN RETAIL PARK 19 Harvey Norman 25%

12 NATIONAL PORTFOLIO SITE PLAN HOMEBASE GARDEN CENTRE SERVICE YARD ACCOMMODATION WHITEHALL ROAD UNIT 2 UNIT 1 UNIT 3 UNIT 5 UNIT 4 Unit Demise Use Tenant Area Sq. M. Area Sq. Ft. 1 Retail Homebase 4, ,089 Mezzanine ,363 2 Retail Aldi 1, , SURFACE CAR PARK SPACES 3 Retail Harry Corry ,740 4 Retail Mr Price ,513 5 Retail Harvey Norman 4, ,570 Mezzanine ,084 7 First Floor Gym Energie Fitness 1, ,679 Second Floor 1, ,327 8 First Floor Offices Vacant , Second Floor Offices The Health Service Executive 1, , Third Floor Offices Vacant (Under Offer) , Third Floor Offices Vacant ,414 Oval Building Retail Costa Coffee ,802 First Floor ,418 TOTAL 18, ,392 Roof Aerial Roof Aerial Antennae Irish Broad Band Aerial Basement Basement Other Crystal Clean NUTGROVE AVENUE TO BASEMENT CAR PARK CAR PARK ENTRANCE For illustrative purposes only The above areas which are calculated on a Gross Internal Area basis were provided by Malcolm Hollis. An assignable measurement survey is provided in the data room. 20 PROPERTY 1 NUTGROVE RETAIL PARK, RATHFARNHAM, DUBLIN 14 PRIME SOUTH DUBLIN RETAIL PARK 21

13 ASSET MANAGEMENT There are numerous asset enhancement and development opportunities at Nutgrove Retail Park to drive the income stream in the short to medium term. These include: 1. Potential to develop a retail pod / pharmacy on the site adjacent to Harvey Norman. The pharmacy use would complement the doctor and HSE uses on the upper floors and increase use and increase footfall. 2. Let up the current vacant offices to increase rent roll and investment return. BER DETAILS BER No s: Available on the data room. LETTERKENNY RETAIL PARK TITLE The property is held Freehold. PROPERTY 2 LETTERKENNY RETAIL PARK, CO. DONEGAL PRIME RETAIL PARK WITH STRONG FASHION OFFER On the instructions of Kieran Wallace and Patrick Horkan, Receivers, KPMG 22 PROPERTY 1 NUTGROVE RETAIL PARK, RATHFARNHAM, DUBLIN 14

14 NATIONAL PORTFOLIO Letterkenny Retail Park WINDY HALL N56 To Dunfanaghy LOCATION KEY INVESTMENT CONSIDERATIONS Letterkenny is an open consent scheme with an offer equivalent to a large shopping centre Lidl, Dunnes Stores and McDonalds (not included in sale) provide further anchors 38 unit retail park immediately adjoining the town centre Current gross rent of approximately 3.05 million per annum 35, sq. m. (380,230 sq. ft.) purpose built retail park Secure income WAULT of approximately 9 Strong fashion presence with leading names such as New Look, M&S, TK Maxx, River Island, Next, H&M Very busy centre, dominant in its catchment of the North West, including parts of Northern Ireland Other leading occupiers include Homebase, Halfords, Argos, Boots and Smyths Toys Income set to increase from existing tenants and through letting of vacant space THE GRANGE GLENCAR ROAD R250 GLENCAR ROAD LONG LANE CIRCULAR ROAD NEW L I NE ROAD CASTLE ST MAIN STREET HIGH STREET R250 PEARSE ROAD R250 KILMCRENAN ROAD DE VALE RD Letterkenny PORT STREET RAMELTON ROAD PORT ROAD N14 NEILT BLANEY ROAD RIVER SWILLY N56 GORTLEE ROAD LOUGHNAGIN R245 LETTERKENNY RETAIL PARK LECK ROAD L1114 R245 N56 N14 To Derry/ Dublin Letterkenny is the largest town in Ulster (Republic of Ireland part) with 19,588 persons and it is Donegal s largest town. The population of Letterkenny grew by over 11% in the 5 to 2011 due to a combination of natural increase and inward migration. The entire County is within the catchment of Letterkenny and it is the main shopping and business centre for Donegal. Within a 45 minute drive are a number of major towns including Donegal Town, Lifford, Buncrana, Balleyboffey, Gweedore, and Milford. It is 35 minutes from Derry City. The town has a rich combination of facilities and attractions. It is a cathedral town with a mix of Georgian and Victorian architecture. Letterkenny Town Council is based in Letterkenny, and employment is also provided by a substantial hospital, the HQ of the Department of Social and Family Affairs, and a series of large employers such as Boston Scientific and Pramerica. Letterkenny Institute of Technology has a student population of 3000, and the town offers a host of sporting, theatre and festival attractions. Donegal is a thriving tourist centre attracting visitors from overseas, Ireland and Northern Ireland. Letterkenny is most easily accessed by road, with high quality roads linking the town to Sligo (1.5 hours), Belfast (2 hours) and Dublin (3 hours). Multiple bus services, (public and private) operate to the town, and air links are through City of Derry Airport and the local Donegal Airport. 24 PROPERTY 2 LETTERKENNY RETAIL PARK, CO. DONEGAL PRIME RETAIL PARK WITH STRONG FASHION OFFER 25

15 GALLAGHER S HOTEL LETTERKENNY MAIN STREET AN GRIANÁN THEATRE LETTERKENNY COMMUNITY CENTRE LETTERKENNY SHOPPING CENTRE LETTERKENNY INSTITUTE OF TECHNOLOGY NATIONAL PORTFOLIO LETTERKENNY RETAIL PARK DESCRIPTION PHASE 3 Letterkenny Retail Park is located in the heart of the town on Paddy Harte Road, just off the main N13 and N24 roads from the south. It covers a site of approximately 27.5 acres and the Park extends to Pearse Road at its northern boundary, which is one block from Main Street. In addition to the four phases which make up the Retail Park, a large Radisson Blu Hotel is adjacent and there is an apartment development over phase 3 (not included). RADISSON BLU HOTEL Letterkenny Retail Park was developed in 4 phases. Phase 1 is a single aspect parade of 7 units with a dedicated car park. There is a standalone McDonalds with a drive thru and a Lidl supermarket in separate ownership. Phases 2 and 4 form a single long parade of 14 units with a strong fashion offer including H&M, TK Maxx, Next, New Look, River Island, M&S as well as Boots, Argos, Dealz and a number of cafes. Phase 3 has 17 units and is anchored by Dunnes Stores (long lease) and Homebase. Tenants include Halfords, Smyths Toys and Costa Coffee, as well as a range of local convenience and service retail facilities. PHASE 4 The entire Park totals 35, sq. m. (380,230 sq. ft,) located on a site of approximately 27.5 acres. CENTURY CINEMA PHASE 1 PHASE 2 All phases of Letterkenny Retail Park offer extensive car parking. Recently installed car counters suggest that, at an average of 2 persons per car, the Park has a footfall of around 88,000 per week which compares with many strong Dublin locations. The attraction of Letterkenny Retail Park to tenants is underpinned by the increased occupation in recent, the decision of H&M to open a large new store, and of strong retailers such as TK Maxx and Next to regear leases and remain in the Park. 26 PROPERTY 2 LETTERKENNY RETAIL PARK, CO. DONEGAL PRIME RETAIL PARK WITH STRONG FASHION OFFER 27

16 N A5 A27 NATIONAL PORTFOLIO % 0 to 2 0.4% CATCHMENT DETAILS 2 to % % Letterkenny has a natural catchment area of the entire county of Donegal, the majority of which is within a 60 minute drivetime. This drivetime extends into Northern Ireland, with the most frequent visitors being from areas within Fermanagh, Derry and Tyrone. It should be noted that the Northern Ireland catchment area varies according to the exchange rate differential. Inishtrahull TENANCY OVERVIEW Letterkenny Retail Park is approximately 92% let with 4 vacant units. The total current rent payable is 3.05 million per annum. 5 to % The bespoke population area has a population of 161,137 and experienced higher than national growth in the period. Households with car ownership is higher than the national average (84% compared to 82%) and outright home ownership with no mortgage is 43% compared at national level of 34%. Letterkenny town, including the Retail Park is dominant within its catchment with the strongest comparison shopping offer in the county. Population Change Area Area (% Change) Total Population , % Total Population , % Total Population , % Category of Spend Food 374,147,700 Alcoholic Drink & Tobacco 165,344,830 Clothing & Footwear 103,697,845 Housing 382,466,771 Durable Household Goods 76,312,022 Non-Durable Household Goods 45,198,969 Downpatrick Head Fuel & Light 116,187,342 Miscellaneous Goods and Services 670,148,174 Transport 363,408,686 Total Expenditure 2,296,912,339 Source HBS 2009/10 Ballina LOUGH CONN Point Killala Bay N26 Lenadoon N58 N59 Swinford KNOCK Sligo Bay Malin Beg D o Inishmurray N17 N4 N56 N15 N16 A47 N56 A45 A35 A32 N87 N15 N14 N3 A34 A32 N13 N54 A28 A505 LOUGH FOYLE CITY OF DERRY A2 A6 N 2 A4 N12 A2 N2 A45 15 A6 A37 A29 14 A25 A31 13 A51 A2 A54 A25 A92 12 M A44 Randalstown M22 Antrim BELFAST INTERNATIONAL 10 Lurgan M2 Ballymena 9 A30 6 A50 A25 INCOME PROFILE The weighted average unexpired term is 13.3 to lease expiries and 9 to earliest break option or expiry. Income Profile (Expiry) 0 to % 2 to 5 154, % Ballygalley 5 Headto , % Larne 10 + Island 2,341, % Average Magee Weighted Unexpired Term 13.3 Covenant Strength by Income In the region of 66% of the current income is secured against multinational covenants. Multinational 2,009, % National 652, % Local 385, % Top 5 Tenants by Income LOUGH 28 PROPERTY 2 LETTERKENNY RETAIL PARK, CO. DONEGAL INTERNATIONAL GARA Carrick-on- Cavan Kilkeel PRIME RETAIL PARK WITH STRONG FASHION OFFER 29 N5 Shannon Ballaghaderreen Dundalk N5 Aran Island Killybegs n e g a l N15 Naran St John's Point B Sligo a LOUGH ARROW y LOUGH GILL LOUGH KEY Boyle Derrybeg Tory Island Derrybeg Bundoran Donegal Ballyshannon LOUGH ALLEN LOWER LOUGH ERNE Leitrim Carrickart LETTERKENNY N13 Ballybofey Castlederg Enniskillen UPPER LOUGH ERNE Lifford Buncrana Strabane Omagh Lisnaskea Newtownbutler Carndonagh Moville LONDONDERRY Newtownstewart Clones Monaghan Cootehill Dungiven Limavady Cookstown Portrush Portstewart A29 Dungannon Ballybay Coleraine Moneymore N53 A26 Maghera Magherafelt Coalisland 60 Min Drivetime Catchment Keady Castleblayney Crossmaglen A28 LOUGH NEAGH Craigavon Portadown Newry Bushmills Ballymoney N1 A1 A26 A26 Crumlin A1 Tandragee Banbridge Rathfriland Ballycastle A6 Warrenpoint Rostrevor Rathlin Island 7 A50 A2 Cushendall A43 A42 6 A36 A2 A49 Garron Point A8 Ballyclare 5 Carrickfergus Income Profile (Breaks) M2 1 Newtownabbey 4 0 Bangor M5 to 2 12, % 2 A2 Donaghadee BELFAST Holywood 2 to 5 628, % 1 BELFAST 1 CITY 2 5 Newtownards 10 1,433, % Comber , % Lisburn Carryduff Average Weighted Unexpired Term 9 Dromore Castlewellan A55 A24 A23 A7 B E L F A ST A21 A25 A22 Dundrum Bay Whitehead L OU G H A22 S T R A N G F O R D L O U G H Ballynahinch Killyleagh Newcastle A2 A48 A2 Downpatrick Portaferry 2 to % 0 to 2 0.4% % Halfords 6.14% M&S 7.07% New Look 8.36% 5 to % % 2 to % 5 to % Homebase 9.02% Dealz 8.41% Tenant Homebase House & Garden Centre Ltd MARCO TOLO Ltd - Musgrave Retail Partners Ireland (sublet to Dealz) New Look Retailers (Ireland) Ltd Current Gross Rent (Per Annum) % of Total Gross Rent 275, % 256, % 255, % M&S (Ireland) Ltd 215, % Halfords Ltd 187, % 2 to % Halfords 6.14% M&S 7.07% New Look 8.36% 0 to 2 0.4% Local 12.65% National 21.42% % Halfords 6.14% M&S 7.07% New Look 8.36% Local 12.65% National 21.42% 5 Homebase to % 9.02% % Dealz 8.41% 2 to % Multinational 65.93% 5 to % Homebase 9.02% Dealz 8.41% Multinational 65.93% N61

17 ACCOMMODATION SITE PLAN - PHASE 1 NATIONAL PORTFOLIO Unit Demise Tenant Area Sq. M. Area Sq. Ft. Unit Demise Tenant Area Sq. M. Area Sq. Ft. RP1 Unit Ground Petworld / Cooneys 2, ,122 RP3 Units 02 & 03 Ground Vacant ,183 Mezzanine ,936 RP3 Unit 04 Ground Homebase 2, ,084 PHASE 1 RP1 Unit 05 Ground Harry Corry ,791 RP1 Unit 06 Ground Vacant ,801 RP1 Unit 07 Ground Vacant ,809 Mezzanine ,449 Mezzanine ,285 RP3 Units 05 & 06 Ground Smyths Toys 1, ,305 RP3 Unit 07 Ground Halfords ,538 Mezzanine ,983 RP1 Units Ground Xtra-Vision Retail Ltd ,753 RP3 Unit 08 Ground Vacant ,554 Mezzanine ,336 RP3 Unit 09 Ground McGee Butchers ,553 PADDY HARTE ROAD Total Phase 1 5, ,997 Mezzanine ,512 PHASE 4 PHASE 2 Unit Demise Tenant Area Sq. M. Area Sq. Ft. RP2 Units Ground Dealz 1, ,747 Mezzanine ,788 RP2 Unit 03a Ground Right Price Tiles ,820 Mezzanine RP2 Unit 03b Ground Bread & Butter ,762 Mezzanine ,350 RP2 Units Ground TK Maxx 1, ,710 Mezzanine 1, ,109 RP2 Unit 08 Ground Boots ,816 Mezzanine ,598 RP2 Units Ground Next ,904 Mezzanine ,608 RP2 Units Ground Argos ,774 Mezzanine ,050 RP2 Unit 12a Ground Swing Room Café RP2 Units Ground Menarys ,034 Mezzanine ,119 Total Phase 2 11, ,002 Unit Demise Tenant Area Sq. M. Area Sq. Ft. RP4 Units 1 & 2 Ground New Look ,519 Mezzanine ,158 RP4 Unit 3 Ground River Island ,070 Mezzanine ,075 RP4 Unit 4 Ground Evolve Menswear ,067 Mezzanine ,758 RP4 Unit 5 & 6 Ground H&M ,219 PHASE 3 RP3 Unit 10 Ground Fabrics & Alterations ,525 Mezzanine ,521 RP3 Unit 11b Ground Pets Plus ,254 Mezzanine ,244 RP3 Unit 11a Ground The Postal Store ,254 Mezzanine ,241 RP3 Unit 12b Ground Planet Baby ,494 Mezzanine ,517 RP3 Unit 13b Ground Carphone Warehouse ,236 Mezzanine ,241 RP3 Unit 13a Ground The Kitchen ,252 Mezzanine ,241 RP3 Unit 14 Ground Sofa World ,531 Mezzanine ,522 RP3 Unit 15a Ground Jules Hair Supplies ,250 Mezzanine ,240 RP3 Unit 15b & 16 Ground Premaman ,810 Mezzanine ,775 RP3 Unit 19 Ground Costa Coffee ,540 Total Phase 3 11, ,685 The above areas which are calculated on a Gross Internal Area basis were provided by Malcolm Hollis. An assignable measurement survey is provided in the data room. CAR PARK ENTRANCE UNIT 8-9 SERVICE YARD UNIT 7 VACANT UNIT 6 VACANT UNIT 5 UNIT 10 UNIT 2-4 LECK VIEW LANE UNIT 1 CAR PARK ENTRANCE Mezzanine ,086 RP4 Unit 7 Ground M&S 1, ,693 Mezzanine ,901 Total Phase 4 6, ,546 For illustrative purposes only 30 PROPERTY 2 LETTERKENNY RETAIL PARK, CO. DONEGAL PRIME RETAIL PARK WITH STRONG FASHION OFFER 31

18 NATIONAL PORTFOLIO SITE PLAN - PHASE 3 SITE PLAN - PHASE 2 & 4 FUTURE DEVELOPMENT SITE SUBJECT TO PLANNING UNIT 8 VACANT UNIT 7 UNITS 5 6 UNIT 4 UNIT 4 SERVICE YARD GARDEN CENTRE SERVICE AREA UNIT 3 VACANT UNIT 2 VACANT UNIT 1 SERVICE YARD UNIT 19 NEIL T BLANEY ROAD UNIT 7 UNITS 5 6 UNIT 4 UNIT 3 UNITS 1 2 UNITS 1 3 UNIT 3A UNIT 3B UNITS 4 7 UNIT 8 UNITS 9 10 UNITS UNIT 12A UNITS UNIT 9 McGEE BUTCHERS UNIT 10 FABRICS & ALTERATIONS UNIT 11B PET PLUS UNIT 11A THE POSTAL STORE UNIT 12B PLANET BABY UNIT 13B CARPHONE WAREHOUSE UNIT 13A THE KITCHEN UNIT 14 SOFA WORLD UNIT 15B JULES UNIT 15A PREMAMAM LETTERKENNY UNIT 16 PREMAMAM UNIT 1 NEIL T BLANEY ROAD PADDY HARTE ROAD CAR PARK ENTRANCE CAR PARK ENTRANCE CAR PARK ENTRANCE For illustrative purposes only For illustrative purposes only 32 PROPERTY 2 LETTERKENNY RETAIL PARK, CO. DONEGAL PRIME RETAIL PARK WITH STRONG FASHION OFFER 33

19 ASSET MANAGEMENT There is an opportunity to increase income by leasing the vacant units. H&M have a rent free period which will increase return when expired, around The site in Phase III offers future development possibilities, whether retail or other mixed use. The entire park should benefit from economic recovery it is dominant in its catchment and has a stronger tenant mix than most shopping centres. Fashion retailers have been keen to remain in occupation with regeared leases, and other such opportunities will occur in the future. BER DETAILS BER No s: Available on the data room. TITLE The property is held Freehold / Long Leasehold. SLIGO RETAIL PARK PROPERTY 3 SLIGO RETAIL PARK, CO. SLIGO LONG INCOME RETAIL PARK On the instructions of Kieran Wallace and Patrick Horkan, Receivers, KPMG 34 PROPERTY 2 LETTERKENNY RETAIL PARK, CO. DONEGAL

20 NATIONAL PORTFOLIO Sligo Retail Park To Donegal To Enniskillen Finisklin Business Park Sligo R286 LOCATION KEY INVESTMENT CONSIDERATIONS 18 unit retail park with ample car parking Passing rent of approximately 2.10 million per annum 25,302.6 sq. m. (272,355 sq. ft.) purpose built retail park 36% income secured by Homebase and Halfords Strong food offer with 3 restaurants at entrance to Park Long secure income WAULT of approximately 7.9 Easily accessible from Sligo town centre and N4 (Dublin/Galway Road) Kevinsfort BALLYDOOGAN RD LARKHILL R D OAKFIELD RD OAKFIELD CRES R292 Sligo Station N4 To Galway /Dublin R292 N4 R2 87 R287 R870 Carraroe R286 CLEVERAGH RD CAIRNS RD Cleveragh Woodtown Lodge SLIGO RETAIL PARK HOLYWELL RD Sligo is a scenic town in the North West county of Sligo, facing the Atlantic Ocean. With a total population of 19,452 in 2011, it is the main county town. The offices of Sligo County Council are located in the town along with other public uses such as Sligo General Hospital and the third level Institute of Technology, Sligo and specialist nursing and health college St Angela s. Sligo town provides a range of service employment, and the pharmaceutical industry is a large employer, most notably Abbott (Ireland) Ltd. The town centre offers a varied range of high street retailers along Wine Street, O Connell Street, Grattan Street and High Street. Sligo Retail Park is the main peripheral Park offering a range of bulky goods, household and other home goods, as well a strong range of restaurants. Sligo is a major tourist centre and a key stop on the Wild Atlantic Way, with a strong sightseeing and sporting draw, particularly for watersports including surfing. Sligo Retail Park is located on the main road into the town from both Dublin and Galway, the N4. Its catchment includes towns such as Ballina, Tubbercurry, Carrick on Shannon, Manorhamilton and Bundoran. Donegal Town is under an hour away and towns in Northern Ireland such as Enniskillen are within the catchment range particularly when exchange rates are positive for the Euro. Sligo Retail Park is located in the townland of Carraroe (also known as Carrowroe). The Sligo Park Hotel is located nearby and the town centre is within 10 minutes drive. The Park is accessed from a roundabout on Pearse Road leading to the three restaurants, McDonalds, KFC and Costa Coffee, and to the car park and retail park units which are arranged in an L-shape with 15 further units. An access road leads to The Hawthorns residential estate to the east of the Park 36 PROPERTY 3 SLIGO RETAIL PARK, CO. SLIGO LONG INCOME RETAIL PARK 37 Cranmore

21 N4 (DUBLIN/GALWAY) SLIGO TOWN CENTRE SLIGO PARK HOTEL SLIGO GENERAL HOSPITAL MARKIEVICZ PARK STADIUM SLIGO RACE COURSE NATIONAL PORTFOLIO DESCRIPTION Sligo Retail Park is arranged in an L-shape, with the 3 food units clustered at the entrance. The entire totals 25, sq. m. (272,355 sq. ft.). The Retail Park is located on a site of approximately 30 acres. The general structure of the retail units comprises a steel portal frame/steel space frame supporting the roof and upper floor loads. Sligo Retail Park is anchored by Homebase, and offers a strong mix of international names including Homebase, Currys/PC World, Halfords and strong national retailers such as Homestore+More, Harry Corry and Smyths Toys. SLIGO RETAIL PARK The strong food offer is unusual for a retail park and enhances traffic to the location. Opposite these restaurants is a site of around 5.5 acres which is available for a further phase of development, subject to planning. There are approximately 1,000 surface car parking spaces serving the Retail Park and approximately 85 further spaces adjoining the restaurants. An enclosed service yard is provided to the rear of all retail units. For indicative purposes only 38 PROPERTY 3 SLIGO RETAIL PARK, CO. SLIGO LONG INCOME RETAIL PARK 39

22 NATIONAL PORTFOLIO % 0 to % CATCHMENT DETAILS Sligo Retail Park s catchment area includes all of Sligo county, including the main county town in which it is situated, and extends into the neighbouring counties of Mayo, Roscommon and Leitrim to include towns such as Ballina, Boyle and Carrick on Shannon. Like Letterkenny, Sligo benefits from cross-border trade from Northern Ireland when the exchange rate is favourable. The bespoke population area has a population of 128,900 persons, with 32% of the population under 25 of age. Employment has been traditionally strong in the area (the catchment had the same level of unemployment as the national average in 2011). Population Change Area Area (% Change) Total Population , % Total Population , % Malin Beg D o n e g a l B a y 45 Min Drivetime Catchment Killybegs N15 Donegal Ballyshannon Bundoran TENANCY OVERVIEW Sligo Retail Park is let to a total of 14 tenants, with four vacant units. The current rent payable is 2.10 million per annum. INCOME PROFILE The weighted average unexpired term is to lease expiries and 7.9 to earliest break option or expiry % 0 to % McDonalds 6.29% Ogalas 7.62% Halfords 9.52% DSG Retail 18.61% 2 to % 5 to % 5 to % Homebase 26.89% % Total Population , % Category of Spend Food 321,592,893 Alcoholic Drink & Tobacco 139,265,774 Clothing & Footwear 90,792,388 Killala Bay N59 Sligo Bay N15 SLIGO N16 Income Profile (Expiry) 0 to 2 37, % 2 to % 5 to , % ,498, % Average Weighted Unexpired Term to to % 1.79% 5 to to % 26.89% % 71.32% Covenant Strength by Income In the region of 70% of the passing rent is secured against multinational covenants. Multinational 1,473, % National 590, % Local 37, % 0 Local 1.79% to % National 28.08% % 2 to % Multinational 70.13% 5 to % Housing 327,572,188 Durable Household Goods 67,396,523 Non-Durable Household Goods 39,697,138 Fuel & Light 96,908,600 Miscellaneous Goods and Services 568,517,857 Transport 305,769,537 Total Expenditure 1,957,512,899 N5 N58 Ballina Swinford N17 Ballaghaderreen N5 N4 Boyle N61 Carrick-on- Shannon Income Profile (Breaks) 0 to 2 37, % 2 to 5 440, % 5 to 10 1,305, % , % Average Weighted Unexpired Term to to % 1.79% % 15.10% 2 to to % 20.95% 5 to to % 62.16% Top 5 Tenants by Income Tenant Homebase House & Garden Centre Ltd DSG Retail Ireland Ltd Current Gross Rent (Per Annum) % of Total Gross Rent 565, % 390, % Halfords Ltd 199, % McDonalds 6.29% Ogalas 7.62% Halfords 9.52% DSG Retail 18.61% Homebase 26.89% Source HBS 2009/10 Ogalas Ltd 160, % McDonalds McDonalds 6.29% 6.29% Ogalas Ogalas 7.62% 7.62% McDonalds Restaurants of Ireland Ltd 132, % Local 1.79% Halfords Halfords 9.52% 9.52% Homebase Homebase 26.89% 26.89% National 28.08% Multinational 70.13% DSG DSG Retail Retail 18.61% 18.61% 40 PROPERTY 3 SLIGO RETAIL PARK, CO. SLIGO LONG INCOME RETAIL PARK 41

23 NATIONAL PORTFOLIO ACCOMMODATION SITE PLAN Unit Demise Tenant Area Sq. M. Area Sq. Ft. Unit 1a Curry s 1, ,799 Unit 1b Castle Davitt Furniture 1, ,117 Unit 2 Vacant 1, , , , , , , , , , , , , , , Mezzanine Unit 3 EZ Living Mezzanine Unit 4 Vacant Mezzanine Unit 5 Homestore & More Mezzanine Unit 6 Smyths Toys Mezzanine Unit 7 Homebase Mezzanine Unit 8 PC World Mezzanine Unit 9 Halfords Mezzanine Unit 10 Harry Corry ,021 Unit 11 Vacant ,010 Unit 12 Carpetright ,070 Unit 13 Pet Discount Warehouse , ,343 Mezzanine Unit 14 Vacant ,075 Unit FD1 KFC ,056 Unit FD2 Costa Coffee ,134 Unit FD3 McDonalds ,300 25, ,355 Total The above areas which are calculated on a Gross Internal Area basis were provided by Malcolm Hollis. An assignable measurement survey is provided in the data room. 42 PROPERTY 3 SLIGO RETAIL PARK, CO. SLIGO UNIT 1 UNIT 1B SERVICE AREA CAR PARK C 92 SPACES UNIT 2 VACANT CAR PARK A 479 SPACES UNIT 3 UNIT 4 VACANT UNIT 5 UNIT 6 CAR PARK B 567 SPACES UNIT 7 FUTURE DEVELOPMENT POTENTIAL (SUBJECT TO PLANNING) UNIT 14 UNIT 13 UNIT 12 VACANT PET DISCOUNT WAREHOUSE UNIT 11 VACANT UNIT 10 UNIT 9 UNIT 8 GARDEN CENTRE SERVICE YARD For illustrative purposes only LONG INCOME RETAIL PARK 43

24 ASSET MANAGEMENT The income profile of Sligo Retail Park is strong and the main opportunity lies in leasing the vacant units to improve returns. The site to the front of the park offers alternative development opportunities or a chance to broaden the retail mix, subject to planning. There may be an opportunity to bring babycare or catalogue uses into the Park under the Planning Guidelines, subject to planning. BER DETAILS BER No s: Available on request. TITLE The property is held Freehold. PROPERTY 4 TULLAMORE RETAIL PARK TULLAMORE RETAIL PARK, CO. OFFALY WELL ANCHORED LONG INCOME PARK On the instructions of Kieran Wallace and Patrick Horkan, Receivers, KPMG 44 PROPERTY 3 SLIGO RETAIL PARK, CO. SLIGO

25 NATIONAL PORTFOLIO Tullamore Retail Park R420 To N6, east to Dublin, west to Galway RAHAN RD R443 R443 Srah R420 CLARA ROAD R421 Puttaghan R420 L1024 N52 Snugborough LOCATION Tullamore is a busy town with a population of 14,361 (Census 2011). The population of the town and environs grew by 11% in the 5 to The town is located 100 km from Dublin and is linked by mainline rail enabling commuting, as well as connection to Athlone and Galway. KEY INVESTMENT CONSIDERATIONS 10 unit retail park adjoining large Tesco Extra supermarket and Tesco petrol station 52.8% income secured by Woodies and Heatons 15,702.6 sq. m. (169,021 sq. ft.) purpose built retail park Long secure income WAULT of approximately 10.7 Easily accessible from Tullamore town centre and N52 ring road 100% of the current income is secured to multinational or national retailers Current gross rent of approximately 1.48 million per annum Park has high occupancy levels, with just one vacant unit To E20, southwest to Limerick N52 R421 R421 R443 Kilcruttin Tullamore Station CLO NTARF ROAD R421 O MOLLOY ST WATER LN Spollanstown ARDE N ROAD R420 Tullamore CLONMINCH ROAD R44 3 GRAND CANAL DAINGEAN ROAD TULLAMORE RIVER CHANCERY LANE Gayfield Ballard Clonminch N52 N80 L202 R420 R420 CHANCERY L AN E N52 N52 Cloncollog To E20, Portlaoise TULLAMORE RETAIL PARK Tullamore is the County Town of Offaly and houses the County Council Civic Offices along with various government services including offices of the Department of Agriculture Food and the Marine and the Department of Education. Tullamore is the location of Tullamore Hospital and is home to various industries including peat production and Tullamore Dew whiskey distillery. A number of multinational employers are located at the Sragh Industrial Estate. It is an historic town with a long tradition of tourism around heritage sites including Clonmacnoise, Durrow and Charleville Forest. Tullamore Retail Park is located just inside the N52 ringroad and 5 minutes drive from the town centre which offers a good selection of comparison shopping as well as hotels, leisure and civic services. The retail park is 10 minutes drive from the M6 Dublin Galway motorway and half an hour from Athlone town. Tullamore Retail Park is highly visible from the road, sharing an entrance with a large Tesco Extra store which has extended opening hours to the benefit of the Retail Park, along with a Tesco petrol station which is located in the car park of the Retail Park. A busy Aldi store is across the road. 46 PROPERTY 4 TULLAMORE RETAIL PARK, CO. OFFALY WELL ANCHORED LONG INCOME PARK 47

26 OFFALY COUNTY COUNCIL CIVIC OFFICE TULLAMORE TRAIN STATION TULLAMORE TOWN CENTRE TULLAMORE DEW TULLAMORE HOSPITAL NATIONAL PORTFOLIO DESCRIPTION Tullamore Retail Park is bookended by Heatons Department Store and Woodies, There are 7 retail units on the linking parade and a standalone Burger King restaurant is located in the car park. Other tenants include Argos, DID Electrical, Minogue Furniture, Harry Corry and a Carpetright (not trading). The entire totals 15,702.6 sq. m. (169,021 sq. ft.). The Retail Park is located on a site of approximately 9 acres. The general structure of the retail units comprises a steel portal frame/steel space frame supporting the roof and upper floor loads. There are approximately 467 surface car parking spaces serving the Retail Park and approximately 17 further spaces adjoining the Burger King restaurant. An enclosed service yard is provided to the rear of all units. TULLAMORE RETAIL PARK TESCO PETROL STATION TESCO EXTRA STORE ALDI 48 PROPERTY 4 TULLAMORE RETAIL PARK, CO. OFFALY WELL ANCHORED LONG INCOME PARK 49

27 N % NATIONAL PORTFOLIO 2 to % CATCHMENT DETAILS The catchment area of Tullamore Retail Park includes most of Offaly and extends into Roscommon and Westmeath, both of which are within a comfortable 40 minute drivetime. Clara, Durrow, Kilbeggan, Birr and Portarlington are all within easy distance of the Park. N5 N4 R198 Longford Longfors N55 Granard Lisryan 40 Min Drivetime Catchment TENANCY OVERVIEW % 5 to % The bespoke catchment area included a population of 83,116 persons. Population in the area grew strongly between 2002 and 2011, increasing by 25% in the catchment compared to 17% nationally, and 36% of the population was under 25 in the 2011 Census. R371 N63 N4 Rathowen Tullamore Retail Park is let to a total of 9 tenants, with one vacant unit. The total current rent payable is 1.48 million per annum. OKR Group 8.96% Population Change Area Area (% Change) Tang N55 Moyvore Crookedwood Mullingar Killdean Killucan INCOME PROFILE Harry Corry 9.43% Argos 10.47% Woodies % 100% Total Population , % Total Population , % The weighted average unexpired term is to lease expiries and 10.7 to earliest break option or expiry. Heatons 19.03% Total Population , % Category of Spend Food 195,711,229 Alcoholic Drink & Tobacco 75,672,310 Clothing & Footwear 52,931,839 Housing 193,860,232 Durable Household Goods 41,422,026 Non-Durable Household Goods 25,659,114 Fuel & Light 54,777,852 Miscellaneous Goods and Services 307,379,574 Transport 167,784,308 Total Expenditure 1,115,198,484 N52 Banagher Ballingarry N62 N62 M6 Ferbane Clareen Roscrea Moate N52 Clara Blue Ball N52 Ballynagore M6 TULLAMORE M7 N80 Rosenallis Portlaoise N77 Portarlington N80 Timahoe Edenderry Rathangan E20 Athy Income Profile (Expiry) 0 to % 2 to % 5 to % ,479, % Average Weighted Unexpired Term Income Profile (Breaks) 0 to % 2 to 5 52, % 5 to , % , % Average Weighted Unexpired Term to % % % 5 to % Covenant Strength by Income 100% of income is from multinational or national retailers. Multinational 250, % National 1,228, % Top 5 Tenants by Income Tenant Atlantic Homecare Ltd (Woodies) Current Gross Rent (Per Annum) % of Total Gross Rent 500, % Heatons 281, % Argos Distributors Ltd 155, % 2 to % 10 National % 42.82% OKR Group 8.96% Harry Corry 9.43% Argos 10.47% Heatons 19.03% Multinational 16.96% 5 to % Woodies 33.79% Source HBS 2009/10 E20 Abbeyleix Harry Corry Ltd 139, % OKR Group 132, % OKR Group 8.96% Harry Corry 9.43% Multinational 16.96% Argos 10.47% Woodies 33.79% National 83.04% Heatons 19.03% 50 PROPERTY 4 TULLAMORE RETAIL PARK, CO. OFFALY WELL ANCHORED LONG INCOME PARK 51

28 NATIONAL PORTFOLIO SITE PLAN Petrol Filling Station ACCOMMODATION UNIT A Unit Demise Tenant Area Sq. M. Area Sq. Ft. Unit A Ground Woodies DIY 4, ,130 Mezzanine ,489 UNIT H Unit B Ground DID Electrical ,657 Mezzanine ,810 Unit C Ground Harry Corry ,685 GARDEN CENTRE Unit D Ground Argos ,782 Mezzanine ,753 Unit E Ground Minogue Furniture ,714 UNIT B UNIT C UNIT D UNIT E UNIT F UNIT F2 UNIT G VACANT Mezzanine ,195 NOT TRADING Unit F1 Ground Carpetright ,838 Unit F2 Ground Pet Mania ,844 Mezzanine ,506 Unit G Ground Vacant 1, ,533 Mezzanine ,694 Unit H Ground Heatons 1, ,021 Mezzanine 1, ,096 Included In Sale Drive Thru Ground Burger King ,271 Total 15, ,021 Not Included For illustrative purposes only The above areas which are calculated on a Gross Internal Area basis were provided by Malcolm Hollis. An assignable measurement survey is provided in the data room. 52 PROPERTY 4 TULLAMORE RETAIL PARK, CO. OFFALY WELL ANCHORED LONG INCOME PARK 53

29 ASSET MANAGEMENT The park is substantially let and therefore the main opportunity is to lease the vacant Unit G, thereby adding potentially over 100,000 pa income. Tenants are generally strong however a regear or reletting of either the weakest tenant and/or the Carpetright store may provide opportunities to increase income and enliven the park. BER DETAILS BER No s: Available on the data room. TITLE The property is held Freehold. PROPERTY 5 54 PROPERTY 4 TULLAMORE RETAIL PARK, CO. OFFALY DEERPARK SHOPPING PARK, KILLARNEY, CO. KERRY WELL ANCHORED SHOPPING PARK INCLUDING OPEN USE RETAIL On the instructions of Simon Coyle, Receiver, Mazars DEERPARK SHOPPING PARK

30 NATIONAL PORTFOLIO Deerpark Shopping Park N22 KILC UMMIN RD LOCATION KEY INVESTMENT CONSIDERATIONS 11,862 sq. m. (127,679 sq. ft.) purpose built retail park Current gross rent of approximately 1.55 million per annum One of the few retail parks in Ireland with open retail use WAULT of approximately 4.2 Located in the heart of the busy tourist destination of Killarney 86% of the current income is secured to multinational multiple retailers Anchored by Homebase, Marks and Spencer and Arcadia Group The park has high occupancy levels, with approximately 95% of the scheme let Adjacent to Tesco Superstore and Aldi Approximately 248 surface car parking spaces Ballydowny N72 Coollegrean R877 Demesne Inch ROSS RD N71 Cluain Fhionnain Ballydribbeen UPPER LEWIS RD Killarney N71 Woodlawn Dromhale Poulnamuck Avenue COUNTESS RD N22 ARBUTUS GROVE Killarney Station WOODLAWN R D ARBUTUS DRIVE DEERPARK SHOPPING PARK R O OKERY RD CHESTNUT DRIVE R876 Coolclogher MILL RD BALLYCASHEEN RD UPPER P ARK RD Ballyspillane N22 Deerpark Shopping Park is located on the edge of Killarney, the second largest town in County Kerry with a population of 12,750 (Census 2011). Killarney is a popular tourist destination and tourism is by far the largest industry in Killarney. According to the online travel website Tripadvisor, the town is Ireland s most popular travel destination for 2015, placing it 23rd in Europe. Killarney s popularity is due to a number of factors including its location at the base of Ireland s highest mountain range, its reputation as the gateway to the Ring of Kerry and its many attractions including Killarney National Park. Killarney offers a wide range of shops, hotels, pubs and restaurants to cater for the tourist population. A number of sporting events during the summer draw additional tourists to the town, including the Ring of Kerry Charity Cycle, the Killarney Regatta, the 5 km SummerFest Fun Run and the Killarney Races. Killarney benefits from excellent transport links, being served by the National Primary Route N22 (north to Tralee and Castleisland and east to Cork). Killarney railway station has direct services to Dublin, Cork and Tralee and there are bus routes operating from the town, including to Limerick (onwards to Dublin), Cork and Tralee. Kerry Airport is located just 17 km away, with Killarney railway station connecting the town with the airport. Cork Airport also serves the region and is located approximately 90 km from Killarney. Deerpark Retail Park is located less than five minutes from Killarney town centre, just off the Park Road, and is adjacent to Tesco Superstore and Aldi. 56 PROPERTY 5 DEERPARK SHOPPING PARK, KILLARNEY, CO. KERRY WELL ANCHORED SHOPPING PARK INCLUDING OPEN USE RETAIL 57

31 KILLARNEY STATION (BUS & RAIL) KILLARNEY OUTLET CENTRE DUNNES STORES KILLARNEY MAIN STREET KILLARNEY NATIONAL PARK LOUGH LEANE FITZGERALD STADIUM NATIONAL PORTFOLIO DESCRIPTION Deerpark Shopping Park was developed c and extends to approximately 11,862 sq. m. (127,679 sq. ft.), providing 10,118 sq. m. (108,911 sq. ft.) of retail warehouse and grocery accommodation in addition to 1,278 sq. m. (13,760 sq. ft.) of smaller open use neighbourhood units and 465 sq. m. (5,008 sq. ft.) of first floor office accommodation. There are approximately 248 customer car spaces provided within the retail park. Deerpark Shopping Park comprises 12 retail units, five of which are retail warehouse units, one is a grocery store and the remainder are small, open use neighbourhood units. There are also three office units currently in shell condition at first floor level. The park benefits from a mix of bulky goods, convenience and grocery uses and has an excellent tenant mix. The scheme is anchored by Homebase, with other occupiers including Arcadia, New Look, Argos, Boots and Costa Coffee. The retail park sits on a site area of approximately 2.39 hectares (5.9 acres). DEERPARK SHOPPING PARK ALDI TESCO 58 PROPERTY 5 DEERPARK SHOPPING PARK, KILLARNEY, CO. KERRY WELL ANCHORED SHOPPING PARK INCLUDING OPEN USE RETAIL 59

32 NATIONAL PORTFOLIO CATCHMENT DETAILS Deerpark Shopping Park is situated in the busy market and tourist town of Killarney. Within a 40 minute drive are other major towns such as Tralee and Abbeyfeale, and the bespoke catchment includes the towns of Kenmare, Killorglin and Millstreet. The resident population is boosted greatly in the summertime by an influx of tourists. The bespoke catchment area of Deerpark Retail Park has 54,704 persons. 55% of the population are between 25 and 64. Employment is higher than the national average with 52% of persons aged 15 or over at work compared to 50% nationally (Census 2011). Weekly spend per household is higher than normal outside Dublin, being 822, just 2% lower than the national average. Population Change Area Area (% Change) Total Population , % Total Population , % Total Population , % Category of Spend Food 133,915,441 Alcoholic Drink & Tobacco 59,723,279 Clothing & Footwear 41,544,283 Housing 128,491,853 Durable Household Goods 28,355,342 Non-Durable Household Goods 15,973,292 Fuel & Light 34,642,335 Miscellaneous Goods and Services 251,072,055 Transport 119,751,242 Total Expenditure 813,469,124 Source HBS 2009/10 Dingle (An Daingean) N70 Brandon Bay D i n g l e B a y Cahersiveen N86 K e n m a r e R i v e r Loop Head Inch Tralee Bay Camp N70 Mouth of the Shannon Killorglin N72 N70 Lauragh Adrigole B a n t r y B a y Dunmanus Bay Tralee N70 Milltown N71 N22 Lough Leane N71 Roaringwater Bay N67 N69 N21 Kilkee Ballybunion Kenmare N23 KERRY COUNTY Glengarriff Bantry Kilrush N22 N67 Listowel Castleisland KILLARNEY Kealkill Skibbereen N72 R473 Scartaglen Abbeyfeale Dunmanway N71 Newcastle West Rathkeale Rockchapel Millstreet Macroom N22 Shanlaragh Clonakilty SHANNON Clonakilty Bay N6 N19 N21 Kanturk Bandon 40 Min Drivetime Catchment N72 N20 N20 N18 N20 N71 LIMERICK Charleville (Rath Luirc) Mallow CORK N7 CORK Old Head of Kinsale Kilmallock Kinsale N73 N8 N28 Fermoy N25 N24 Tipperary Midleton Cobh Mitchelstown N8 INCOME PROFILE The weighted average unexpired term is to lease expiries and 4.2 to break options. Income Profile (Expiry) N72 Cloyne TENANCY OVERVIEW N74 Deerpark Shopping Park is let to a total of 12 tenants including Homebase, Marks & Spencer and Arcadia Group. The current total rent is 1,553, per annum. 0 to 2 8, % 2 to 5 0 0% 5 to 10 56, % ,488,749 95% Average Weighted Unexpired Term Income Profile (Breaks) 0 to 2 491,049 32% 2 to 5 315,450 20% 5 to ,756 48% Average Weighted Unexpired Term to 2 0.5% 5 to % 0 to 2 0.5% 5 to % 5 to 10 48% 5 to 10 48% National 14% National 14% % % 0 to 2 32% 0 to 2 32% 2 to 5 20% 2 to 5 20% Covenant Strength by Income In the region of 86% of the current income is secured against multinational covenants. Multinational 1,330,949 86% National 222,300 14% Top 5 Tenants by Income Tenant Arcadia Group t/a Dorothy Perkins Current Gross Rent (Per Annum) % of Total Gross Rent 297,000 19% Homebase 288,057 19% Marks & Spencer 238,750 15% New Look 171,252 11% Boots 149,600 10% 0 to 2 0.5% 5 to % 0 to 2 0.5% 5 to % % % 5 to 10 48% 5 to 10 48% 0 to 2 32% 0 to 2 32% 2 to 5 20% 2 to 5 20% National 14% National 14% Multinational 86% Multinational 86% Boots 10% Boots 10% Dorothy Perkins 19% Dorothy Perkins 19% New Look 11% New Look 11% Marks & Spencer 15% Homebase 19% Marks & Spencer 15% Homebase 19% Multinational 86% Multinational 86% 60 PROPERTY 5 DEERPARK SHOPPING PARK, KILLARNEY, CO. KERRY WELL ANCHORED SHOPPING PARK INCLUDING OPEN USE RETAIL 61

33 NATIONAL PORTFOLIO ACCOMMODATION SITE PLAN Unit Unit Location Use Tenant Area Sq. M. Area Sq. Ft. Unit 1 Retail Arcadia t/a Dorothy Perkins ,567 Mezzanine Retail ,332 Unit 2 Retail New Look ,828 SERVICE YARD SERVICE YARD Mezzanine Retail ,828 Unit 3 Retail O Connors World of Wonder ,851 Mezzanine Retail ,722 Unit 4 Retail Argos ,053 Mezzanine Retail ,958 GARDEN CENTRE UNIT 5 UNIT 4 Unit 5 Retail Homebase 1, ,341 UNIT 3 WORLD OF WONDER UNIT 2 UNIT 1 Mezzanine Retail ,958 Unit 7 Retail Marks & Spencer ,618 First Floor Retail ,287 Second Floor Retail ,568 Unit 9 & 9a Retail Mods & Minis ,477 PARK ROAD First Floor Retail ,495 Unit 10 & 11 Retail Boots ,025 First Floor Retail , CAR PARK SPACES Unit 12b Retail Yankee Candle Unit 12a First Floor Office Vacant ,491 Unit 13 Retail The Carphone Warehouse ,018 Unit 13a First Floor Office Vacant 167 1,798 Unit 14 Retail Costa Coffee ,755 UNIT 7 Unit 14a First Floor Office Vacant ,719 Unit 15 Retail Vacant ,065 Total 11, ,679 UNIT 14 UNIT 13 UNIT 15 VACANT UNIT 12 MODS & MINIS UNIT 10 & 11 UNIT 9 ATM Allied Irish Bank The above areas which are calculated on a Gross Internal Area basis were provided by Malcolm Hollis. An assignable measurement survey is provided in the dataroom. For illustrative purposes only 62 PROPERTY 5 DEERPARK SHOPPING PARK, KILLARNEY, CO. KERRY WELL ANCHORED SHOPPING PARK INCLUDING OPEN USE RETAIL 63

34 ASSET MANAGEMENT Unit 15 (former Sheehan Butchers) is currently vacant providing the opportunity to re-let the unit and increase the overall rental income of the scheme. M&S have expressed an interest in leasing Units 12A, 13A and 14A which are currently vacant. This affords the opportunity to further increase the rental income. Opportunity to engage with a number of tenants including Homebase and Argos who have break options in 2016 to consider extending their leases. BER DETAILS BER No s: Available on the data room. TITLE The property is held Freehold. 64 PROPERTY 5 DEERPARK SHOPPING PARK, KILLARNEY, CO. KERRY

35