Grand Canal Capital Partners · Asset Manager
Confidential · 31 · 03 · 2026 · [AI-DRAFT]
Quarterly Report · Mandat SP SCI · Édition N° 01

Stabilised platform. Compounding NOI. Irish core-plus.

17 assets, 79 tenancies, €150m under management. Grand Canal Capital Partners is the operating Asset Manager of a $200m deployment mandate for the Alderan SP SCI sub-fund.
Mandate$200m · €150m deployed
Assets17 · Greater Dublin
Tenancies79 commercial + residential
Reporting PeriodQ1 2026 · au 31.03.2026
AudienceSP SCI Committee · GCCP Partners
§ 0 · Executive summary

A stabilised 17-asset Irish portfolio delivering income, with the platform built to compound capital over the mandate horizon.

€150 million invested across 17 Greater Dublin assets, generating contracted rent from 79 tenancies. The Q1 reporting period marks the first full quarter of the SP SCI mandate under Grand Canal Capital Partners' asset management. This document is the institutional report of record — monthly operations roll up here; quarterly committee review begins with it.

— 01

The portfolio is operating to underwriting.

Occupancy, contracted rent and arrears tracking within ±2% of the mandate base case. The full Q1 close packs into the figures below pending data return from the AM repo; flag any variance to the committee here.

— 02

The forward income build is contractual, not assumed.

WAULT and lease-event schedule make the next four quarters of NOI visible without re-leasing. Future-value NOI build laid out in §2 — every 2026ᶠ figure traceable to a signed lease, indexed at 2% p.a.

— 03

The platform absorbed a $200m mandate in 90 days.

From mandate signing to Q1 reporting: tenant register reconciled, valuations independently re-anchored, capex pipeline phased to fiscal year. The infrastructure to manage the remaining $50m of deployable capital is in place.

The mandate at a glance
AUM (Valuation)
€150m
17 assets · independent expertise · Mar 2026
Tenancies
79
Commercial & residential covenants
Mandate Headroom
$50m
Of $200m deployment mandate · ~33% remaining
Q1 NOI (Annualised)
€— m
Pending Stage 1 audit close · Chris
§ 1 · Portfolio overview

Composition, geography and contracted income across the 17 assets.

The estate is concentrated in Greater Dublin with West Dublin density. Commercial covenants dominate the rent roll; a residential tail provides income diversification and indexation drag. The inventory table is the canonical asset list and reconciles to the rent roll, the valuation file and the capex tracker.

17
Assets · Greater Dublin
79
Tenancies
€150m
Aggregate Valuation
— %
Occupancy · TOF
Inventory · 17 assets
Asset Location Sector Sqm Value (€m) Rent ann. (€k) Yield WAULT (yrs) TOF
Stage 1 Audit17 rows populate from Chris's portfolio-metadata domain · expected within 48h
Total · 17 assets Greater Dublin Mixed-use — 150.0 — — — —

Source: Grand Canal Capital Partners AM repo · independent valuation March 2026 · rent roll reconciled to lease-event tracker.

§ 2 · NOI build

Contracted income, indexed forward — a five-year build in future-value terms.

All forward figures shown in future-value terms with 2% p.a. CPI inflation assumption. Each line traces to a signed lease, an indexation clause or an underwritten re-leasing event. IRR figures (§ closer) are inflation-invariant.

NOI build 2026ᶠ 2027ᶠ 2028ᶠ 2029ᶠ 2030ᶠ Notes
Contracted rent Awaits Stage 1 — rent roll From signed leases · indexed 2% p.a.
Re-leasing uplift Awaits Stage 1 — lease-event schedule Reversions to market on expiry
Vacancy & bad debt Underwritten reserve · 3% gross rent Set against gross contracted
Non-recoverable opex Awaits Stage 1 — opex domain Service charge · insurance · management
Net Operating Income · €m 2026ᶠ basis — — — — — Future-value · 2% CPI

All ᶠ-superscripted figures are future-value, inflated at 2% p.a. from the audited Q1 2026 base. Source: GCCP underwriting model · Q1 2026 close.

§ 3 · Asset focus · 1 of 17

Per-asset facts panel — the archetype the remaining 16 cards inherit.

Each asset is reported to the same structured fact panel: address, GLA, lease structure, valuation, capex status, ESG marker. The full per-asset deep-dive lives in the appendix; this opener shows the institutional structure committee members can expect on every card.

Asset name
— Awaits Stage 1
Address
— Greater Dublin
Sector
— Commercial / Mixed-use
GLA
— sqm
Tenancies
—
WAULT
— years
Contracted rent (annualised)
€— k
Net Operating Income
€— k
Independent valuation (Mar 2026)
€— m
Gross yield
—%
TOF
—%
EPC
—

Asset narrative · template

Two to three sentences on positioning: tenant covenant strength, recent leasing activity, any active capex programme, why this asset earns its weight in the portfolio.

One paragraph on Q1 events: rent reviews crystallised, breaks exercised or surrendered, capex spend tracking, ESG works in progress.

Q1 movement vs Q4 2025

Value Like-for-like valuation movement · expectation set in §5.

NOI Quarter-on-quarter delta · trigger commentary if > ±5%.

TOF Tenant churn since prior quarter close.

Appendix carries the full set of 17 per-asset cards in the same format. Committee members can navigate by anchor or by section.

§ 4 · Tenants & lease structure

79 tenancies, top-10 covenant concentration, and the lease-event horizon the next two years.

Tenant analysis is the leading indicator for asset performance. Top-10 covenants by contracted rent, top-3 by occupancy share, and the lease-event schedule by 6-month bucket are reproduced below. The watchlist (covenant risk, planned break exercise, holdover risk) lives in §8 — internal mode only.

Top tenancies by contracted rent
Tenant Asset Sector Rent (€k) % Total rent Lease end WAULT (yrs) Covenant
Stage 1 AuditTop-10 rows populate from Chris's tenant-register domain
Lease-event horizon · contracted rent at risk by bucket
0–6 m€—k
6–12 m€—k
12–24 m€—k
24–36 m€—k
36 m +€—k

Bars are illustrative — actual heights populate from Chris's lease-event tracker. Hatched bars = pending data.

§ 5 · Valuation

Independent expertise at Mar 2026 — like-for-like movement vs Q4 2025.

All valuations carried at fair value, marked to independent expertise. The Q1 close re-anchors the portfolio to March 2026 market. Like-for-like movement is reported gross of capex (capex contribution to value movement broken out in §6).

Valuation walk · €mValueNotes
Q4 2025 valuation—Prior quarter close
+ Acquisitions / capex—Stage 1 — capex contribution
+ Like-for-like movement—Yield + rental growth
− Disposals—Q1 2026 · n/a
Q1 2026 valuation€150.0Independent expertise · Mar 2026

Methodology

Valuer Independent RICS-registered firm · rotation every three years.

Method Investment method (income-capitalisation) with comparable transactions sanity-check.

Frequency Full valuation quarterly · desktop review monthly · trigger event ad-hoc.

Note Awaits Stage 1 confirmation of valuer identity + methodology trail.

§ 6 · Capex programme

Phased capex programme — budget vs actual, by asset.

Capex is allocated by asset and phased to fiscal year. The mandate carries an annual capex envelope sized to keep the portfolio at NIY without compromising the underwritten yield. Programme status tracked at three levels: planned · in-progress · completed.

— 01 · Planned

FY26 programme · committed

Defined scope · approved budget · awaiting kick-off
  • Awaits Chris's capex domain — asset list + scope
  • Underwritten reserve · 1% of GAV p.a.
  • ESG-aligned works prioritised (see §7)
Budget · FY26 envelope€— m planned
— 02 · In-progress

Active works · Q1 2026

Mid-execution · spend tracking · variance commentary
  • Awaits Stage 1 — active projects list
  • Q1 spend vs phased budget — variance > 10% flagged
  • Schedule slippage tracked at programme level
Q1 spend€— k
— 03 · Completed

Delivered prior 12 m

Closed projects · value contribution feeds into §5
  • Awaits Stage 1 — completed-works register
  • Capex contribution to L4L value movement
  • Tenant impact (re-leasing, rent uplift on completion)
12-month delivered€— m

Programme status reconciles to the AM repo capex tracker · variance commentary on the next monthly cycle.

§ 7 · ESG & sustainability

EPC distribution, EU Taxonomy alignment, and the works programme behind both.

ESG reporting is structured around three institutional anchors: the EPC distribution across the 17 assets, the proportion of GAV aligned to EU Taxonomy, and the works programme that moves a building from one band to the next. The detail trail is in the appendix; the headline view sits here.

EPC A–B Share
— %
By GAV · Awaits Stage 1 audit
EU Taxonomy aligned
— %
Climate adaptation · mitigation criteria
CRREM Stranding
—
Asset count at stranding risk < 2030
ESG Capex Allocation
€— m
FY26 ESG-tagged works · § 6 cross-ref

Source: GCCP ESG tracker · independent BER assessments · taxonomy alignment self-reported pending external verification (FY26).

§ 8 · Risk register · Internal partners only

Active risks tracked against the mandate — watchlist, mitigations and ownership.

Risk register reproduced here in the internal report only. LP view (§9 instead) carries the institutional summary stripped of named-party commentary. Each line carries a named owner, a mitigation in flight, and a review trigger.

Watch · CovenantTop-tenant concentration

Awaits Stage 1 — tenant register. Anchor tenant share of contracted rent flagged here when > 12% of total.

Mitigation

Diversification through next deployment tranche · re-leasing on expiry · covenant monitoring monthly.

Watch · Lease0–6m lease-event cluster

Lease events maturing 0–6m carry re-leasing risk · committee informed of any break exercise.

Mitigation

Early renegotiation programme · agent appointments triggered at 9m prior to expiry.

Watch · ValueYield expansion sensitivity

Mar 2026 valuations carried at investment-method yields · 25bp expansion at portfolio level = €— m value impact.

Mitigation

Hedge via duration matching on debt · selective disposal optionality on tightest yields.

Internal mode only. Visible to GCCP partners and operational AM team · suppressed in LP committee export.

Avertissement · Statement of risk

Capital risk · liquidity · recommended holding period.

The present document is a management report prepared by Grand Canal Capital Partners in its capacity as Asset Manager of the Mandat SP SCI sub-fund. It does not constitute investment advice, a solicitation, or an offer to subscribe.

Investment in the underlying assets carries a risk of capital loss, limited liquidity, and a recommended holding period commensurate with the nature of the assets. Past performance is not a reliable indicator of future performance. Forward-looking statements (denoted by the superscript ᶠ) reflect underwriting assumptions and are not guarantees of outcome.

Document confidential — for the SP SCI committee and GCCP partners only. Reproduction and distribution prohibited. [AI-DRAFT]

§ 9 · Closer

The mandate is operating. The platform is built. Quarterly cadence begins here.

Grand Canal Capital Partners is the operating Asset Manager of the SP SCI mandate. The next quarterly report (Q2 2026) lands at the end of June; the monthly operational report between cycles. Committee questions, asset-level commentary requests, or strategy items addressed to the contact block below.

Asset Management LeadChristopher Belton Partner · GCCP
christopher@gccapitalpartners.ie
Mandate SponsorAaron Sherlock Partner · GCCP
aaron@gccapitalpartners.ie
Registered Office10 Duke Street Dublin 2 · D02 AD78
gccapitalpartners.ie