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Aviva’s Irish Commercial Property Fund, strong 2025 returns and a positive outlook for 2026
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The Aviva Irish Commercial Property Fund delivered a healthy performance in 2025, achieving a 5.5% return (gross of management charges), its strongest calendar-year result since 20211.
The Fund continued to outperform both its Irish property unit‑linked peers and the MSCI Property Benchmark over one, three, five, and ten years1, showing the strength of its disciplined, long‑term investment approach. Performance in 2025 was driven by:
Market conditions improved meaningfully during the year, with stronger transaction activity, stabilising valuations, and a noticeable pickup in occupier demand, particularly across the office and retail sectors.
A New Dawn for Irish Commercial Property in 2026?
As we move into 2026, the outlook for Irish commercial property continues to improve. Interest rates have stabilised, investor confidence is strengthening, and rental growth is emerging in several key segments. With limited new development in prime locations, constrained supply is expected to continue to put upward pressure on rents.
The Fund is well-positioned for the next stage of the cycle. Ongoing lettings progress, lease regears, and targeted redevelopment projects, such as Carroll Village Healthcare Centre in Dundalk and the Clarendon site in Dublin 2, are expected to support future returns. Momentum also continues across the Fund’s sustainability programme, building on a strong 2025 GRESB performance.
"After several years of volatility, we are seeing a steadier and constructive market environment. With improving occupier demand, more supportive financing conditions and a strong pipeline of asset management and redevelopment opportunities, the Fund is well positioned to benefit from the recovery in Irish commercial real estate."
- Natalie Brennan
Interim Head of Property Fund Management
A proven, diversified investment for the long term
With a 40‑year track record and a diversified portfolio of core, income‑producing assets, the Aviva Irish Commercial Property Fund continues to provide investors with long‑term diversification and exposure to the developing Irish commercial property market.
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1. Source: Longboat Analytics to 01 Jan 2026. Gross fund performance & MSCI Ireland Property Index. Peer group includes unit linked Irish property funds from Irish Life, New Ireland, and Zurich.
| Warning: If you invest in this product you may lose some or all of the money you invest. Warning: Past performance is not a reliable guide to future performance. Warning: The value of your investment may go down as well as up. Warning: These funds may be affected by changes in currency exchange rates. |
Aviva Life & Pensions Ireland Designated Activity Company, is a private company limited by shares, registered in Ireland No. 165970. Registered office at Building 12, Cherrywood Business Park, Loughlinstown, Co. Dublin, D18 W2P5. Tel (01) 898 7950, www.aviva.ie
Aviva Life & Pensions Ireland Designated Activity Company, trading as Aviva Life & Pensions Ireland and Friends First, is regulated by the Central Bank of Ireland.
