The performance of investments made by CORUM is not a reliable indicator of future results.

Property Portfolio

Office

Dublin - Ireland

This building situated in central Dublin is composed of ground floor retail premises and offices on the upper floors.

Thanks to its location in the city centre of Dublin (Dublin 1) and the building’s current lower rent payments relative to the local market, there is strong potential for an upward rent review. This district in Dublin has attracted large firms such as Bank of Ireland and Bord Gáis, one of Ireland’s leading energy suppliers which is headquartered there.

The building has 5 tenants committed to making lease payments for a term of 7 years with no break option. Acquired for €14.2 million including transfer tax and brokerage fees, the property has an average net initial yield of 6.70%.

The main tenant is Smartbox Group Limited. It represents 80% of the total amount of rent collected.

Tenants Smartbox Group Limited

Smartbox Group Limited is the European and worldwide leader in the experiential gift market.

The company operates in 10 countries with 7 brands including Smartbox, Bongo, Buyagift, La Vida Es Bella, Cadeaubox, Dakotabox and Emozione3. 
Smartbox Group has sold more than six million gifts in 2016 and generated revenue of close to €500 million.

Since 2015, this CORUM building has been home to the company’s headquarters in Ireland. 
Smartbox Group Limited has posted strong growth in recent years and has even announced the creation of 100 new jobs in Ireland. The company intends to lease the building’s remaining rental space as it becomes available. Smartbox has created a modern workplace and environment for its employees.
 

Type

Offices

Acquisition price (incl. transfer tax and brokerage fees)

14,20m

Net initial yield*

6,70% (incl. transfer tax and brokerage fees)


Characteristics

 

               
Price incl. transfer
tax and brokerage fees 
  14 167 433,17 €        
Gross rental income   949 805 €        
Remaining lease term    6,76 ans         
Total floor area    6 351 m²        
Construction date        2008