Grand Canal Capital Partners · Asset Manager

Confidential · 31 · 03 · 2026 · [AI-DRAFT]

Estate Composition · Mandat SP SCI · Q1 2026

Seventeen Irish assets. One mandate. One operating platform.

€150m of contracted Irish real estate across Greater Dublin. This report is the estate-level view of the SP SCI mandate — composition, geography, sector mix, forward income.

Mandate$200m · €150m deployed

Assets17 across Greater Dublin

Tenancies79 commercial + residential

Reporting PeriodQ1 2026 · au 31.03.2026

AudienceSP SCI Committee · GCCP Partners

§ 0 · Estate at a glance

The mandate is composed of seventeen Irish commercial and residential assets, concentrated in Greater Dublin and weighted to office and mixed-use.

This Q1 report is structured around composition — what's in the estate, where it sits, what it earns, how it's mixed. Per-asset deep-dive lives in the appendix. The committee can navigate by sector, geography or income — the front matter answers "show me the estate" before any single asset opens.

Assets

Operating · Greater Dublin

Tenancies

Commercial & residential

AUM (Mar 2026)

€150m

Independent expertise

Mandate headroom

$50m

Of $200m deployment mandate

§ 1 · The seventeen assets

Every asset, on one page — the estate as a single composition.

Cards ordered by GAV descending. Each carries a four-fact summary: location, sector, sqm, contracted rent. Sector marker on the photo lower edge. Click-through to the per-asset card lives in the appendix. The full set populates from Chris's portfolio metadata domain on audit close.

Asset 01

— Awaits audit

Greater Dublin

SQM—

RENT€— k

GAV€— m

WAULT— y

Asset 02

— Awaits audit

Greater Dublin

SQM—

RENT€— k

GAV€— m

WAULT— y

Asset 03

— Awaits audit

West Dublin

SQM—

RENT€— k

GAV€— m

WAULT— y

Asset 04

— Awaits audit

Greater Dublin

SQM—

RENT€— k

GAV€— m

WAULT— y

Asset 05

— Awaits audit

West Dublin

SQM—

RENT€— k

GAV€— m

WAULT— y

Asset 06

— Awaits audit

Greater Dublin

SQM—

RENT€— k

GAV€— m

WAULT— y

Asset 07

— Awaits audit

West Dublin

SQM—

RENT€— k

GAV€— m

WAULT— y

Asset 08

— Awaits audit

Greater Dublin

SQM—

RENT€— k

GAV€— m

WAULT— y

Asset 09

— Awaits audit

Greater Dublin

SQM—

RENT€— k

GAV€— m

WAULT— y

Asset 10

— Awaits audit

West Dublin

SQM—

RENT€— k

GAV€— m

WAULT— y

Asset 11

— Awaits audit

Greater Dublin

SQM—

RENT€— k

GAV€— m

WAULT— y

Asset 12

— Awaits audit

Greater Dublin

SQM—

RENT€— k

GAV€— m

WAULT— y

Asset 13

— Awaits audit

West Dublin

SQM—

RENT€— k

GAV€— m

WAULT— y

Asset 14

— Awaits audit

Greater Dublin

SQM—

RENT€— k

GAV€— m

WAULT— y

Asset 15

— Awaits audit

Greater Dublin

SQM—

RENT€— k

GAV€— m

WAULT— y

Asset 16

— Awaits audit

West Dublin

SQM—

RENT€— k

GAV€— m

WAULT— y

Asset 17

— Awaits audit

Greater Dublin

SQM—

RENT€— k

GAV€— m

WAULT— y

Sector bars on each card: OfficeResidentialRetailIndustrialMixed-use · indicative pending Stage 1 audit close.

§ 2 · Geography

Concentrated in Greater Dublin, with West Dublin density — the operating geography of the mandate.

Asset density is in West Dublin, with secondary clusters across the Greater Dublin area. The map below pins all 17 assets. Geographic concentration is intentional — single operating team, single property-management firm, repeat-tenant network effects across the estate.

West Dublin cluster

Greater Dublin · other

Why the geography matters

Operating Cost Single property-management firm covers the West Dublin cluster — material opex saving vs distributed portfolio.

Tenant Network Repeat-tenant moves between estate assets reduce void periods and re-letting cost.

Concentration Counter-balance: yield expansion in West Dublin specifically would hit the portfolio harder than diversified equivalents — mitigation via Q4 deployment to Greater Dublin secondary.

Pin positions are schematic — populated to exact coordinates from Chris's portfolio metadata on audit close. Source: GCCP estate register.

§ 3 · Sector mix

Five sectors, weighted toward office and mixed-use — the income engine of the estate.

Sector allocation drives covenant profile, lease-length distribution, and ESG risk. The current weighting is institutional commercial-led with a residential tail for indexation; mixed-use is the natural concentration of West Dublin's stock.

By aggregate valuation · €m

Office

42%

Mixed-use

22%

Residential

18%

Retail

11%

Industrial

Percentages indicative — recalibrated from Chris's audit close. Source: GCCP underwriting model · Q1 2026.

§ 4 · Income & lease structure

Contracted rent across 79 tenancies, with the forward two-year lease-event horizon visible from signed paper.

Top-tenancy concentration, average lease length, and the lease-event schedule by 6-month bucket are the structural inputs to forward income. Detail trail in the appendix; the headline view is here.

Tenant	Asset	Sector	Rent (€k)	% Total	Lease end	WAULT (y)
Stage 1 AuditTop-10 tenancies populate from Chris's tenant register · 79-total reconciled to rent roll

§ 5 · ESG & sustainability

EPC distribution, EU Taxonomy alignment, and the works programme that moves the needle.

Three institutional anchors: distribution of EPC bands across the estate, share of GAV aligned to EU Taxonomy criteria, and the ESG-tagged works programme cross-referenced to capex.

EPC A–B share

— %

By GAV · Stage 1 pending

EU Taxonomy aligned

— %

Climate criteria · self-reported

CRREM stranding

—

Assets at risk < 2030

FY26 ESG capex

€— m

Tagged-works envelope

§ 6 · Risk register · Internal partners only

Active watchlist — geography, covenant, yield.

Internal-mode only. LP committee export suppresses this section.

Risk	Owner	Severity	Mitigation	Trigger
West Dublin geographic concentration	CB	Medium	Q4 deployment outside W. Dublin	> 70% GAV West Dublin
Top-tenant rent share	CB	Pending	Re-leasing on expiry	Tenant > 12% portfolio rent
Yield expansion sensitivity	AS	Medium	Duration matching on debt	25bp expansion = €— m impact

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.

Document confidential — SP SCI committee and GCCP partners only. [AI-DRAFT]

§ 7 · Closer

One estate. One quarterly cadence. Built to compound.

The seventeen assets work as one estate. Operating overhead is single-team; reporting cadence is single-cycle; commercial decisions roll up to a single committee touchpoint. The Q2 report lands end of June.

Asset Management LeadChristopher BeltonPartner · GCCP
christopher@gccapitalpartners.ie

Mandate SponsorAaron SherlockPartner · GCCP
aaron@gccapitalpartners.ie

Registered Office10 Duke StreetDublin 2 · D02 AD78
gccapitalpartners.ie