THE SUPERMARKET COLLECTION

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1 THE SUPERMARKET COLLECTION

2 CONTENTS THE OPPORTUNITY 1 INVESTMENT SUMMARY 4 INVESTMENT HIGHLIGHTS 5 TENANT COVENANT 6 WHY INVEST IN IRELAND? 8 PROPERTIES 10 PROPOSAL & FURTHER INFORMATION 18 CONTACT DETAILS 19

THE OPPORTUNITY BLEFAST The Supermarket Collection offers

assets in strong trading locations providing a significant long

The collection is being offered for sale by Private Treaty as

66% with the benefit of CPI uplifts WAULT of 11.

3 THE OPPORTUNITY BLEFAST The Supermarket Collection offers investors a superb opportunity to acquire four supermarket assets in strong trading locations providing a significant long income portfolio. The collection is being offered for sale by Private Treaty as one or a combination of lots SLIGO Guide Price: In excess of 49m Total Current Passing Rent: 3.41m per annum Net Initial Yield: 6.66% with the benefit of CPI uplifts WAULT of years Tenants not affected M1 M6 GALWAY M4 QDUBLIN ALDI SANDYFORD Q BIRR M7 M11 TESCO ROSCREA ARKLOW TEMPLEMORE LIMERICK Q M9 TESCO GOREY M8 CASHEL TIPPERARY Q ALDI CAHIR WEXFORD WATERFORD CORK 1 2

4 ALDI SANDYFORD TESCO GOREY TESCO ROSCREA ALDI CAHIR Dublin Wexford Tipperary Tipperary 3 4

INVESTMENT HIGHLIGHTS CURRENT COMBINED PASSING RENT 3.41 MILLION PER ANNUM INVESTMENT SUMMARY INCOME BY SUPERMARKET 74% 26% g g TESCO ALDI INCOME BY LOCATION Gorey 46.04% Q Roscrea 27.

5 INVESTMENT HIGHLIGHTS CURRENT COMBINED PASSING RENT 3.41 MILLION PER ANNUM INVESTMENT SUMMARY INCOME BY SUPERMARKET 74% 26% g g TESCO ALDI INCOME BY LOCATION Gorey 46.04% Q Roscrea 27.86% Sandyford 17.66% Cahir 8.45% Aldi Sandyford Tesco Gorey Tesco Roscrea Aldi Cahir Aldi, The Boulevard, Sandyford, Dublin 18 Let to Aldi Stores (Ireland) Limited Rental income of 602,186 per annum with CPI uplifts (next uplift in 2021) 25 year FRI lease from 11 October years guaranteed income (Break Option in 2029) Tesco, Gorey, Co. Wexford Let to Tesco Ireland Rental income of 1.57 million per annum with CPI uplifts (next uplift in 2019) 25 year FRI lease from 1 January years guaranteed income (Break Option in 2029) Tesco, Roscrea, Co. Tipperary Let to Tesco Ireland Rental income of 950,000 per annum with CPI uplifts (10 year compounded uplift in 2021) 35 year FRI lease from 1 July years guaranteed income (Break Option 1 July 2026) Aldi, Cahir, Co. Tipperary Let to Aldi Stores (Ireland) Limited Rental income of 288,223 per annum with CPI uplifts (next uplift in 2020) 25 year FRI lease from 30 August years guaranteed income WAULT YEARS 15,968 SQ. M (171,878 SQ. FT) of Supermarket accommodation in the entire collection CPI LINKED REVIEWS 4 Attractive income yield of 6.66% for entire collection FOUR STRONG TRADING LOCATIONS 4 5

WHY INVEST IN IRELAND? Economy TENANT COVENANT Fastest growing economy in Europe 2014-2016 GDP growth forecast at 4.5% in 2017 and 3.

3% (June 2017), the lowest level on record since 2008 Fastest growing population in the European Union with a birth rate of 13.

the ultimate parent company being Tesco plc. The accounts for Tesco Ireland are prepared on a consolidated basis in the accounts of Tesco plc. Tesco plc reported an increase of 4.

6 WHY INVEST IN IRELAND? Economy TENANT COVENANT Fastest growing economy in Europe GDP growth forecast at 4.5% in 2017 and 3.6% in 2018 Domestic factors contributing to higher growth Robust expansion of labour market with employment expected to grow by 3.1% in 2017 Unemployment stands at 6.3% (June 2017), the lowest level on record since 2008 Fastest growing population in the European Union with a birth rate of 13.5 per 1,000 population *Sources Central bank, Trading economics, Eurostat Consumer Spending / Retail Sales Tesco Aldi Tesco Ireland is a wholly owned subsidiary of Tesco Ireland Holdings Limited with the ultimate parent company being Tesco plc. The accounts for Tesco Ireland are prepared on a consolidated basis in the accounts of Tesco plc. Tesco plc reported an increase of 4.3% in Group Sales to 49.9 billion and a group operating profit of 1.28 billion for UK & Republic of Ireland operating profit (before exceptional items) was 803m, up 60% on 2015, with margin growth of 68 basis points year-on-year. Tesco Ireland Limited is the company which holds all of the leases in the Tesco portfolio in Ireland. Tesco has 148 stores in Ireland and employs approximately 14,500 people. Tesco Ireland reported a total revenue of 2.48 billion for Tesco Ireland reported improved like for like sales performance of 0.1% and revenues of 1.2 billion for the first half of 2016/17. According to Kantar Worldpanel, Tesco has a share of 22% of the grocery market in Ireland. Aldi Stores (Ireland) Ltd is a wholly owned subsidiary of the UK parent company, Aldi Stores Ltd. Aldi does not disclose its sales or profits solely for Ireland. The group s operating profits for its UK and Irish operations in 2016 was 255.6m ( m) with sales increasing to a record 7.7 ( 8.75) billion across Britain and Ireland. Aldi currently operates 129 stores in Ireland. According to research conducted by Kantar Worldpanel, Aldi have a grocery market share of 11.4% in Ireland. Irish consumer sentiment has remained strong in the first 6 months of The KBC / ESRI consumer sentiment index increased from in May 2017 to in July 2017 Consumer sentiment levels have returned to pre-2008 levels and are now ahead of the levels experienced during 2006 Consumer spending growth continued into 2017, up by 2.5% for Q1 and 4.2% for March, year-on-year Household disposable income rose by 5.5% in 2015 and by 4.4% in 2016 bringing it to a total of 98 billion, due to a combination of expanding employment and increasing pay rates *Sources ESRI, Trading economics, CSO, Marketing Institute of Ireland Retail sales in Ireland increased 4.1% in June 2017 over the same period in 2016 Retail sales growth averaged 1.77% from 2001 until 2017 reaching an all time high of 13.1% in March 2015 According to Kantar Worldpanel the grocery sector grew by 80 million over the three month period to 18 June 2017 Tesco is currently second in the Irish Market with 22% market share Aldi has increased its market share to 11.4% with growth recorded at 3.7% in June 2017 *Source Kantar World Panel, Trading economics, CSO 6 7

Investment Property Market Property Performance V Alternative Asset Classes Reflecting the confidence in the economy, both domestically and internationally, 2016 was the most active year on record

5 billion for asset sales Activity in the property investment market is a good illustration of the direction of the overall commercial property market.

4% for the 12-month period The market continues to stabilise with a 4.

7 Investment Property Market Property Performance V Alternative Asset Classes Reflecting the confidence in the economy, both domestically and internationally, 2016 was the most active year on record for the Irish Commercial Property Investment Market with volumes exceeding 4.5 billion for asset sales Activity in the property investment market is a good illustration of the direction of the overall commercial property market. Investors look to deploy capital into sectors where there will be good growth over typically a three year plus period MSCI returns for 2016 show an overall return of 12.4% for the 12-month period The market continues to stabilise with a 4.1% total return at Q with rental value growth the driving force *Source IPD / MSCI Retail Property Market Property has been the best performing asset class over the past 5 years with returns of 18.6%, while equities provide a 12.4% return and bonds provide a negative return of 7% *Source IPD / MSCI Consumer Price Index (CPI) Consumer Price Index in Ireland has continued to rise in 2017 from 99.5 index points in January to 101 index points in June reflecting a strengthening economic backdrop It is forecast that Consumer Price Index in Ireland is likely to increase to in 12 months time reinforcing Ireland s strong economic growth *Source CSO Returns are now largely driven by rental growth, which is a more sustainable form of growth than yield compression Retail investment activity has increased sharply, with increased turnover of shopping centre and retail park portfolios particularly in the last 18 months MSCI retail property return for 2016 was 12.9% and returns of 2% were recorded in Q *Source IPD / MSCI 8 9

SOUTH COUNTY BUSINESS PARK CENTRAL PARK M50 LUAS STILLORGAN ALDI THE BOULEVARD BEACON SOUTH QUARTER PROPERTIES Aldi, The Boulevard, Sandyford, Dublin 18 Long income from blue chip tenant with CPI

ft) 100 car parking spaces at basement level Located in Sandyford, a well-established and growing commercial and residential location, approximately 9km south of Dublin City Centre Location Sandyford

of retail accommodation and 1,100 high end apartments, Beacon Hotel and Beacon Hospital and Clinic. Significant occupiers in Sandyford include Microsoft, Vodafone, RCSI and Chill Insurance.

8 SOUTH COUNTY BUSINESS PARK CENTRAL PARK M50 LUAS STILLORGAN ALDI THE BOULEVARD BEACON SOUTH QUARTER PROPERTIES Aldi, The Boulevard, Sandyford, Dublin 18 Long income from blue chip tenant with CPI uplifts Passing rent of 602,186 per annum years secure income to break option in 2029 Modern ground floor supermarket unit extending to approximately 1,854 sq. m (19,956 sq. ft) 100 car parking spaces at basement level Located in Sandyford, a well-established and growing commercial and residential location, approximately 9km south of Dublin City Centre Location Sandyford is one of south Dublin s stronger suburban office, retail and residential locations with a number of high quality developments including Beacon South Quarter providing 270,000 sq. ft. of retail accommodation and 1,100 high end apartments, Beacon Hotel and Beacon Hospital and Clinic. Significant occupiers in Sandyford include Microsoft, Vodafone, RCSI and Chill Insurance. The area is very well served by public transport with a combination of Dublin Bus services nearby, along with convenient access to the LUAS Green line at Sandyford / Stillorgan which provides excellent accessibility to Dublin city centre and southbound to Cherrywood. The Boulevard is one of Dublin s largest mixed-use developments providing a full range of commercial and residential facilities. The Boulevard boasts an impressive residential population with over 450 apartment dwellings which provide housing for many of the 12,000-workforce located in and around the scheme. In addition to this the scheme also draws trade from an impressive surrounding catchment of 925,000 people living within a 30-minute commute. Description The supermarket is located at ground floor level extending to approximately 1,854 sq. m (19,956 sq. ft) with use of 100 basement car parking spaces. Located within the Boulevard development the building comprises a six storey over basement mixed use block with ground floor retail and apartments overhead. The subject unit is accessed from the ground floor with own door access on street level, with access also provided internally from the underground car park. The store is fitted out to Aldi branded specification. Schedule of Accommodation Floor Description Floor Area (sq. m) Floor Area (sq. ft) Ground Floor Supermarket & Store 1,854 19,956 Surface Car Parking 100 Please note: All intending purchasers should satisfy themselves in relation to floor areas Tenancy Let to Aldi Stores (Ireland) Limited on a 25 year FRI lease from 11 October 2011 with a tenant break option in year 18 (2029). Rental Income of 602,186 per annum with 5 yearly rent reviews, CPI linked with a yearly cap of 4%. Tenure We understand that the property is held by way of Long leasehold title

SUPERVALU MAIN STREET GOREY COURT HOUSE TESCO DUNNES STORES GOREY SHOPPING CENTRE NEW APPLEGREEN / BURGER KING Tesco, Gorey, Co.

33 years secure income to break option in 2029 Modern supermarket extending to approximately 8,109 sq. m (87,289 sq. ft) with 606 car parking spaces at surface level on a site area of approximately 3.

The town is also connected to the railway network along the same route. Gorey is approximately 45 minute s drive from Dublin.

9 SUPERVALU MAIN STREET GOREY COURT HOUSE TESCO DUNNES STORES GOREY SHOPPING CENTRE NEW APPLEGREEN / BURGER KING Tesco, Gorey, Co. Wexford Location Description Tenancy Long income from blue chip tenant with CPI uplifts Passing rent of 1.57 million per annum years secure income to break option in 2029 Modern supermarket extending to approximately 8,109 sq. m (87,289 sq. ft) with 606 car parking spaces at surface level on a site area of approximately 3.44 ha (8.5 acres) Located in Gorey town centre Gorey is a market town in north County Wexford, Ireland, situated beside the main N11 Dublin to Wexford road. The town is also connected to the railway network along the same route. Gorey is approximately 45 minute s drive from Dublin. The property is located within Gorey Town Centre adjacent to Gorey Shopping Centre. The centre is anchored by the largest Dunnes Stores in the south east of Ireland. The Tesco store has been further enhanced by the completion of a new Applegreen petrol filling station and Drive Thru Burger King restaurant which is located at the entrance of the centre. The Tesco unit extends to approximately 8,109 sq. m (87,289 sq. ft) with 606 parking spaces, on a site of approximately 3.44 ha (8.5 acres). The eco-friendly building is of timber frame construction with a metal deck roof and a mix of a thermowood cladding and glazed façade with surface level parking to the front of the store. The property comprises the ground floor supermarket with ancillary stores. Schedule of Accommodation Floor Description Floor Area (sq. m) Floor Area (sq. ft) Let to Tesco Ireland on 25 year FRI lease from 1 January 2014 with tenant break options in Years 15 (2029) and 20 (2034). Rental Income of 1.57 million per annum with 5 yearly rent reviews, CPI linked with a yearly cap of 3.5% and collar of -0.5%. Tenure We understand that the property is held by way of Freehold title. Ground Floor - Mezz Supermarket, Store & Office 8,109 87,289 Surface Car Parking 606 Please note: All intending purchasers should satisfy themselves in relation to floor areas 12 13

DUNNES STORES TESCO CASTLE STREET MAIN STREET SUPERVALU ROSCREA TOWN CENTRE TOWN CENTRE CAR PARK ALDI Tesco, Roscrea, Co.

83 years secure income to break option in 2026 Modern supermarket extending to approximately 4,325 sq. m (46,553 sq.

midlands of Ireland. It is located approximately 44 miles (71km) north east of Limerick City on the N7, which links to the M7 Dublin / Limerick motorway.

10 DUNNES STORES TESCO CASTLE STREET MAIN STREET SUPERVALU ROSCREA TOWN CENTRE TOWN CENTRE CAR PARK ALDI Tesco, Roscrea, Co. Tipperary Location Description Tenancy Long income from blue chip tenant with CPI uplifts Passing rent of 950,000 per annum 10 year compounded CPI uplift will accrue in years secure income to break option in 2026 Modern supermarket extending to approximately 4,325 sq. m (46,553 sq. ft) with 224 car parking spaces at basement level Located in the centre of Roscrea Town Centre with a wider hinterland population of 70,000 persons Roscrea is a busy market town located in the south midlands of Ireland. It is located approximately 44 miles (71km) north east of Limerick City on the N7, which links to the M7 Dublin / Limerick motorway. The M7 connects to the M8 motorway approximately 22 km east of the town. The M8 links Dublin and Cork. The town has a population of just under 6,000 but the fact that it sits on a confluence of eight major and minor routes makes it an important trading base for the wider hinterland population of more than 70,000. The main employment in Roscrea is in meat production and pharmaceuticals. The property is located in the heart of the town beside Roscrea Town Centre. It benefits from excellent pedestrian access to the surrounding commercial streets as well as being easily accessible for vehicles. The property, constructed in 2011, comprises a modern detached retail building with supermarket at ground floor level and car parking at lower ground floor. The property extends to approximately 4,333 sq.m (46,640 sq.ft) together with 224 car spaces. The building is of steel frame construction with a metal deck roof and a mix of metal cladding and glazing to the façade. The lower ground floor car park is accessed via a ramp from a roundabout on Lourdes Road to the rear of the property. The property comprises the supermarket with ancillary stores and customer toilets at ground floor with ancillary facilities at first floor comprising staff canteen, lockers, toilets and showers, offices and a comms room. There are two customer lifts and two travellators providing access to the supermarket from the lower ground floor car park. Schedule of Accommodation Let to Tesco Ireland on a 35-year FRI lease from 1 July 2011 with break options after years 15, 20, 25 and 30. The annual passing rent is 950,000 per annum and the lease provides for the rent to be adjusted in line with the compounded annual proportionate change in the Consumer Price Index after year 10 and 5 yearly thereafter. The CPI uplifts are subject to an annual cap of 4% and a collar of -1%. Therefore in 2021 a 10-year compounded annual CPI uplift will accrue to the landlord. Tenure We understand that the property is held by way of Freehold and a 999 year long leasehold title. Floor Description Floor Area (sq. m) Floor Area (sq. ft) Ground Floor - Mezz Supermarket, Store & Office 4,325 46,553 Basement Car Parking 224 Please note: All intending purchasers should satisfy themselves in relation to floor areas 10 11

CARRIGEEN INDUSTRIAL ESTATE CAHIR PARK GOLF CLUB CAHIR CASTLE ALDI MARKET SQUARE / MAIN STREET SUPERVALU Aldi, Cahir, Co.

extending to approximately 1,672 sq. m (18,000 sq.

Cahir is a town located in County Tipperary with a population of 3,593 people (Census 2016) with a further catchment area of over 10,000 people in the surrounding hinterland.

11 CARRIGEEN INDUSTRIAL ESTATE CAHIR PARK GOLF CLUB CAHIR CASTLE ALDI MARKET SQUARE / MAIN STREET SUPERVALU Aldi, Cahir, Co. Tipperary Location Description Tenancy Long income from Aldi Stores (Ireland) Limited with CPI uplifts Passing rent of 288,233 per annum 18 years secure income Modern ground floor supermarket extending to approximately 1,672 sq. m (18,000 sq. ft) 94 surface level car parking spaces Located within Cahir town centre with a catchment area of approximately 10,000 persons The Aldi supermarket is located in the centre of Cahir on Abbey Street. Cahir is a town located in County Tipperary with a population of 3,593 people (Census 2016) with a further catchment area of over 10,000 people in the surrounding hinterland. Cork, Limerick and Waterford Cities are within an hours drive of Cahir while Dublin is 178km to the north east. Cahir is situated at a major national crossroads, between two of the busiest national routes, the Dublin-Cork N8 and the Waterford-Limerick N24. The town is also serviced by the Rosslare / Waterford-Limerick Railway line. This single storey retail unit extends to approximately 1,672 sq. m. (18,000 sq. ft.) and has own door access with 94 surface level car park spaces. The property comprises 1,115 sq. m. (12,000 sq. ft.) of retail space and 557 sq. m. (6,000 sq. ft.) of stores. The store is fitted out to Aldi branded specification. Schedule of Accommodation Floor Description Floor Area (sq. m) Floor Area (sq. ft) Ground Floor Supermarket 1,672 18,000 Surface Car Parking 94 Let to Aldi Stores (Ireland) Limited on a 25 year FRI lease from 30 August 2010 which provides an 18 year unexpired lease term. Rental Income of 288,233 per annum with 5 yearly CPI linked rent reviews (higher of contractual rent immediately before the relevant rent review date or CPI linked increase). Tenure We understand that the property is held by way of Freehold title. Please note: All intending purchasers should satisfy themselves in relation to floor areas 16 17

PROPOSAL & FURTHER INFORMATION Proposal The Supermarket Portfolio is for sale by Private Treaty. The vendor will consider offers as one or a combination of lots.

12 PROPOSAL & FURTHER INFORMATION Proposal The Supermarket Portfolio is for sale by Private Treaty. The vendor will consider offers as one or a combination of lots. (This is an investment sale and as a result the tenants are not affected). CONTACT DETAILS Sale Process For sale by Private Treaty Agent: Viewings Viewings are strictly by appointment through the selling agent, TWM. TWM 4/5 Dawson Street Dublin 2 PSRA: twmproperty.ie BER Certificates Available on request Sean O Neill +353 (0) sean@twmproperty.ie Ollie Lyons +353 (0) ollie@twmproperty.ie James Loughnane +353 (0) james@twmproperty.ie TWM for themselves and for the vendor/lessor of the property whose agents they are, give notice that: 1. These particulars do not constitute an offer or contract or any part thereof and none of the statements contained in the particulars as to the property are to be relied on as a statement or representation of fact. 2. The vendor does not make or give, nor is the Agent(s) or its staff authorised to make or give any representation or warranty in respect to this property. 3. All descriptions, dimensions, references to condition and necessary permission for use and occupation, and 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 himself/herself by inspection or otherwise as to the correctness of each of them. 4. In the event of any inconsistency between these particulars and the contract of sale, the latter shall prevail. 5. VAT may be payable on the purchase price

13 THE SUPERMARKET COLLECTION DUBLIN: 4/5 DAWSON STREET, 3RD FLOOR, DUBLIN 2 GALWAY: UNIT 11, DOCKGATE, GALWAY TWMPROPERTY.IE

PROPERTY SOLUTIONS BY PRIVATE TREATY. Supermarket Investment Opportunity. Tenant not Affected

PROPERTY SOLUTIONS BY PRIVATE TREATY. Supermarket Investment Opportunity. Tenant not Affected PROPERTY SOLUTIONS FOR SALE BY PRIVATE TREATY Tesco, Roscrea Co. Tipperary, IRELAND Supermarket Investment Opportunity Tenant not Affected Dunnes Stores Castle Street Tesco Main Street Supervalu Roscrea