IPUT has announced the addition of leading global fashion brand, Victoria’s Secret, to the IPUT portfolio. The Fund can confirm that Victoria’s Secret has completed a new long-term lease of its flagship retail asset at 28/29 Grafton Street, Dublin which extends to 2,700 sqm. The new letting will produce rental income of €1.85 m per annum and is a new benchmark rental value for Grafton Street in the current cycle.
The lease is guaranteed by retail giant L Brands which employs over 80,000 people worldwide and recorded sales of $12.7 billion in 2015. 28/29 Grafton Street was acquired by IPUT plc in 2012 and is one of a small number of international-quality retail stores in Dublin which can offer 1,800 sqm of high-quality retail space spanning over three expansive levels.
Victoria’s Secret will significantly enhance the building’s façade and reconfigure the internal layout as part of its extensive tenant fit-out plans. Works will commence in January 2017 and Victoria’s Secret is expected to open the doors of its first Irish store, in November 2017.
Michael Clarke, Head of Investment at IPUT plc said: “We are delighted to welcome Victoria’s Secret to 28/29 Grafton Street. This is a very significant letting for the Fund and underlines the ability of our team to deliver asset management solutions which enhance value for our investors while working with one of the world’s premier international retailers to meet their specific requirements.”