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Shopping Centre Investment Opportunity For Sale by Private TreatyTenants not Affected

A strong anchored retail scheme in the centre of Mullingar Town with immediate asset management opportunities.

Investment Summary

5,461 sq. m. (58,781 sq. ft.)Net Internal Area (excluding long leasehold interests)

300 Car Spacesunderground

Two Anchor Stores:

Prominent Location in the centre of Mullingar Town

€685,018 per annumof Net Operating Income(to include car park income)

Asset Management Opportunities

(long leasehold interest)

Outline is for illustrative purposes only.

Mullingar is the county town of Westmeath, with a population of 20,928 (census 2016). Mullingar is located centrally within Ireland’s midlands, approximately 80km from Dublin City Centre. The town is situated on the M4/N4 corridor (accessed via junction 15), one of Ireland’s main arterial routes servicing the Dublin to Sligo route. Mullingar is also connected to the main Dublin to Galway route via the N52 National Primary Road.

Fairgreen Shopping Centre is situated within Mullingar Town at a pivotal roundabout which connects Patrick Street and Ashe Road. The scheme has a prominent profile and benefits from vehicular and pedestrian passing trade.

Mullingar Train Station is situated approx. 350m from Fairgreen Shopping Centre. The station sits on the Dublin Connolly to Sligo line.

Shopping in Mullingar

R394

R156R400R390

R394 N52

N4

N4ASHE ROAD

HARBOUR

STREET

NEWBROOK

ROAD

DELVIN

ROAD

AUSTIN FRIARS ROAD

Accessing Fairgreen Mullingar

HARBOUR PLACE SHOPPING CENTRE

MULLINGARSHOPPING CENTRE

COLUMB BARRACKS RESIDENTIAL SITE

MULLINGARTRAIN STATION

OLIVER PLUNKETT STREET

PEARSE STREET

AUSTIN FRIARS STREET

The centre currentlyattracts footfall of

1.5 million per annum DESCRIPTION

Fairgreen Shopping Centre was constructed in 2005 and comprises a single storey shopping centre of approximately 5,461 sq. m. (58,781 sq.ft.) (excluding Penneys which is held under long leasehold interest). The centre has a simple, linear layout comprising eight units, two anchor units and six additional retail units fronting the central mall. Five of the units, including both anchor units, have mezzanines. The centre has the benefit of 300 underground parking spaces, which can be accessed from a central point in the main mall.

Fairgreen Shopping Centre serves a very strong purpose within Mullingar Town with anchors TK Maxx and Penneys proving to be a significant footfall draw. Currently the centre attracts footfall of 1.5 million per annum. The addition of Costa Coffee in 2016, which sits at the entrance to the scheme, has proven to be an additional footfall driver and offers a key amenity for customers.

Fairgreen Shopping Centre has excellent profile onto two main roads within Mullingar Town and is positioned within a densely populated residential area.

UNIT 1 PENNEYS (long leasehold interest)

UNIT 2A COSTA COFFEEUNIT 2B ELVERY SPORTSUNIT 3 TK MAXXUNIT 4 VACANTUNIT 4A DEALZUNIT 5A VACANT (terms agreed)

UNIT 5B NEW LOOK

Scheme Plan

Stores

ENTR

ANCE

UNIT 1

UNIT 3

UNIT 4UNIT

5A

UNIT 5B

UNIT 2B

UNIT 4A

UNIT 2A

The IDA has recently completed the services infrastructure for a 70 acre business park which should facilitate the arrival of additional multinational companies to Mullingar in the short to medium term.

Mullingar Regional Hospital is a 211 bedroom, public hospital which services the entire of the west midlands and is situated on the outskirts of Mullingar Town.

The newly established Land Development Agency which was set up as part of the ‘Ireland 2040’ plan has identified Columb Barracks in Mullingar as a site for residential development. Columb Barracks has capacity to hold 250 residential units and immediately adjoins Fairgreen Shopping Centre.

M1

M1

M4

M3

M9

M7

Kilkenny

WaterfordWexford

Cork

Killarney

Limerick

Galway Athlone

Sligo

Donegal

Castlebar Cavan

Derry

Belfast

Dublin

M7

M8

N20

N18

N84

N77

N4

N3

A5

N15

N25

N11

N21

N22

M50

M2

Mullingar

M6 KINNEGAD

Drogheda

Navan

Location

Local Employers

The subject property is located in Mullingar, the capital town of County Westmeath and its administrative headquarters. Mullingar is located centrally within Ireland’s midlands approximately 80km from Dublin city centre and approximately 140km from Galway city centre. The town is situated on the M4/ N4 corridor, one of Ireland’s main arterial routes servicing Dublin to Sligo. Mullingar Town is accessed via junctions 15, 16 and 17.

Mullingar is a thriving business, administrative and industrial centre with a population of

20,928Pharmed

Greene Farm FoodsImperial Tobacco

<15 Years 18,448 23%

15-24 Years 11,040 14%

25-44 Years 25,996 33%

45-64 Years 16,365 20%

65+ Years 7,899 10%

Demographic Profile, Census 2011

TOTAL POPULATION

88,770142,313142,31344,688 44,082

<15 Years 18,448 23%

15-24 Years 11,040 14%

25-44 Years 25,996 33%

45-64 Years 16,365 20%

65+ Years 7,899 10%

Demographic Profile, Census 2011

TOTAL POPULATION

88,770142,313142,31344,688 44,082

<15 Years 18,448 23%

15-24 Years 11,040 14%

25-44 Years 25,996 33%

45-64 Years 16,365 20%

65+ Years 7,899 10%

Demographic Profile, Census 2011

TOTAL POPULATION

88,770142,313142,31344,688 44,082

Population Growth

Houses / bungalos

45,663

100%

16%4%

5%16%

3%

2% 5%

32%17%

Total Household

Expenditure

Food Alcohol, Drinkand Tobacco

Clothingand Footwear

Housing Durable Household Goods

Non-Durable Household Goods

Fueland Light Miscellaneous

Goods and Services

Transport

1.2 Billion

€198 Million €44 Million

€56 Million

€27 Million €69 Million €397 Million €216 Million

€195 Million €37 Million

Misc

Catchment Analysis Westmeath

Workforce48.18%

Private Permanent Households Total

Per Household31,813 Cars

Household Spending €750 p.w.

<15 Years 18,448 23%

15-24 Years 11,040 14%

25-44 Years 25,996 33%

45-64 Years 16,365 20%

65+ Years 7,899 10%

Demographic Profile, Census 2011

TOTAL POPULATION

88,770142,313142,31344,688 44,082

<15 Years 18,448 23%

15-24 Years 11,040 14%

25-44 Years 25,996 33%

45-64 Years 16,365 20%

65+ Years 7,899 10%

Demographic Profile, Census 2011

TOTAL POPULATION

88,770142,313142,31344,688 44,082

<15 Years 18,448 23%

15-24 Years 11,040 14%

25-44 Years 25,996 33%

45-64 Years 16,365 20%

65+ Years 7,899 10%

Demographic Profile, Census 2011

TOTAL POPULATION

88,770142,313142,31344,688 44,082

No car

1 car

2 cars

3 cars

4 or more cars

4,289

13,188

11,108

1,807

545

50,000

100,000

150,000

1986

92,126 91,273

94,337108,666

126,403

142,313

1991 1996 2002 2006 2011

1991 1996 2002 2006 2016

61,880

-2%63,314

+2% +10 +271,858

+1379,346 87,887

2011

+986,164

1991 1996 2002 2006 2016

61,880

-2%63,314

+2% +10 +271,858

+1379,346 87,887

2011

+986,164

Population Change 1986 - 2011

- 0.93% 3.36% 15.19% 12.59%16.32%

Year

Fairgeen Shopping Centre is anchored by Penneys (long leasehold interest) and TK Maxx. Both tenants are key footfall drivers in the centre.

The additional tenants comprise a combination of well known and regarded national and international tenants including Costa Coffee, New Look, Dealz and Elverys.

The scheme is producing an income of €685,018 per annum (NOI) and has a WAULT of 3.04 years, 9.51 years to expiry.

Tenancy ScheduleDemise Tenant Total sq. m. Total sq. ft. Term Start Date Term End Date Rent Review Break Passing Rent

Unit 1 Penney's (long leasehold interest) 5,121 55,121 - - - - -

Unit 2 Staunton Sports t/a Elverys 603 6,487 01/01/2017 31/12/2026 31/12/2021 31/12/2023 €120,000

Unit 2a MBCC Foods t/a Costa Coffee 275 2,958 01/08/2016 31/07/2031 N/A 31/07/2023 €55,000

Unit 3 TJX Ireland t/a TK Maxx 2,334 25,119 06/07/2015 05/07/2030 05/07/2020* 06/07/2020 €140,000

Unit 4 Vacant 374 4,027 - - - - -

Unit 4a Poundland t/a Dealz 717 7,714 09/11/2015 08/11/2025 08/11/2020 08/11/2020 €120,000

Unit 5a Vacant (terms agreed) 465 5,010 - - - - -

Unit 5b New Look Retailers 694 7,466 13/09/2007 12/09/2032 12/09/2022 13/09/2022 €229,920

Mall Machines Clearhill Retail Entertainment - - 01/09/2015 31/08/2020 - - €8,000

Underground Car Park Car Park Income - - - - - - €91,333

Total 10,583 113,902 €764,253

Total Buying 5,461 58,781

Fairgreen Mullingar Income

Occupancy(by floor area)

Income Hierarchy By Tenant

Average Weighted Unexpired Term

to Expiry

0-2 YEARS

€600,000

€500,000

€400,000

€300,000

€200,000

€100,000

€0

€424,930

31%56%

MULTINATIONAL€240,000

NATIONAL CAR PARK AND MALL INCOME

3.04YEARS

2-5 YEARS 5-10 YEARS

0-2 YEARS

€600,000

€500,000

€400,000

€300,000

€200,000

€100,000

€0

2-5 YEARS 5-10 YEARS

€800,000

€700,000

10+ YEARS

COUNTY WESTMEATH

13%

€99,333 9.51YEARS

Average Weighted Unexpired Term to

Earliest Event

85%

15%

Occupancy

Vacant

* Please refer to lease side letter.

The Irish Retail Market 2018 The Irish economy is providing a backdrop for strong retail performance

At the beginning of autumn 2018, Ireland’s economic fundamentals are sound: GDP output grew by 7.2% in 2017 making Ireland the fastest growing economy in EMEA. At this juncture, according to CBRE’s House View, Ireland is on course to achieve GDP growth in excess of 5.1% in 2018 and is on target to be the best performing economy in EMEA for a fifth consecutive year.

This momentum has continued into the first half of 2018 with the labour market performing especially well. More than 74,100 jobs were created in H1 2018 indicating another 3.4% increase compared to the Q2 2017.

Unemployment has fallen to 5.6% in August - its lowest level in August since 2006.

Disposable household incomes are growing in the long-term and bounced back after the recession. The figure is standing at EUR 56.968 per household per year and is forecasted to grow by another 2.8% in 2018 due to a combination of modest pay increases, tax cuts and increased numbers at work. A combined positive consumer sentiment and retail sales are likely to provide for a strong consumer demand and a strong performance of the retail sector.

Household Disposable Income Ireland

Source: Oxford Economics, 2018.

Retail investment demand is centred around assets with strong fundamentals

Investor appetite is focused on well located and well managed assets with potential for some value add but with limited leasing risk

Retail investment accounted for 27% of investment spend in 2017 and 12% ytd 2018 with the most significant trade being Westend Retail Park in Blanchardstown which traded at €148 million. Secondary retail yields are currently at 7.00% - comparing favourably to other sectors where yields have compressed significantly.

The Irish occupier market is supporting the underwrite of assets that are correctly positioned for growth.

Figure: Prime Yields Shopping Centres Ireland

The Irish occupier market remains robust amid global speculation in the retail market

Amidst global speculation around the sustainability of retail, the Irish market is performing well, being supported by strong economic fundamentals Regionally there is strong performance from national occupiers with many retailers looking to expand their operations.

The food and beverage and beauty sectors are performing exceptionally well, as are the homeware retailers who are seeing growth on the back of a strong housing market. While demand from UK and international brands has slowed down somewhat in the aftermath of the Brexit announcement, there are live requirements for the correct locations where retailers have witnessed strong online trading.

Consumer Sentiment Index (CSI) Ireland

Source: ESRI/KBC, 2018

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BER:

BER numbers available upon request

TenureFreehold

ContactsSole Selling Agents

Natalie Brennan Senior Director T +353 1 618 5555 M +353 87 680 8986natalie.brennan@cbre.com

Fiona Kennedy Associate DirectorT +353 1 618 5742M +353 87 181 9913 fiona.kennedy@cbre.com

Willie NorseExecutive DirectorDD +353 1 618 5529M +353 86 299 6627willie.norse@cbre.com

fairgreenmullingarsale.com

design | conradjones.com

Solicitor

Arthur CoxEarlsfort Centre,Earlsfort Terrace,Dublin 2,Ireland.

Deirdre Sheehan T +353 1 920 1759deirdre.sheehan@arthurcox.com

Disclaimer: CBRE U.C., (CBRE Ireland)

These particulars are issued by CBRE U.C., registered in Ireland, no. 316570. PSRA Licence No. 001528 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 Sep-tember 2018.

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