GREEN Property, the company that owns the Blanchardstown Shopping Centre in Dublin, saw pre-tax profits almost double to €1.4 million last year.
The company valued its property downwards by €4.3m in June 2009. It said €3.2m of this was accounted for through the revaluation reserve with the remainder of €1.1m recorded as a loss in the current year profit and loss account.
Total gains and losses were almost €11m compared with €31m in the previous year, according to accounts just filed for the year to the end of June 2009.
The directors said they are satisfied with the company’s performance and do not expect any significant changes to its business activities in the foreseeable future.
They do not propose to pay a dividend for the year.
Closing shareholders funds was €506m compared with €495m in the previous year, while net rents in the year were €473,188 compared with €844,236 in the previous year.
Administrative expenses in the year came to €1.9m, which are listed in the accounts as a gain on foreign currency translation.
“The operating gain arises from the write-back of liabilities from prior financial years that are no longer deemed payable. The foreign currency gain arises on the retranslation of short-term sterling liabilities,” the accounts read.
The company is owned by Green Property Investment Fund 1 Plc. The accounts said that €674,806 of the company’s borrowings is with third parties, of which €88,018 is repayable in 2009 and the remainder in 2016.
Green Property became private in 2002 as a result of a management buy-out led by chief executive Stephen Vernon and other directors, including Mark Munro, James McKenna and Paul Culhane.
The buy-out was initially backed by the US investment bank Merrill Lynch.
However, in 2004 Green refinanced its debt, provided by Bank of Scotland, to buy out Merrill Lynch.
That left Mr Vernon and his management team and Bank of Scotland with joint ownership.
The Blanchardstown Centre, located in west Dublin, is one of the largest in Ireland and is home to all of the top fashion brands from Ireland, Britain and Europe.
Earlier this month Green Property unveiled a new joint venture company with €900m of debt and equity to invest in distressed property assets. Green has joined forces with the US-based TPG Capital, one of the largest private equity firms globally, to target commercial real estate opportunities in Britain and Ireland.
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