Green Property directors ‘satisfied’ despite fall in pre-tax profits to €550k
Recently filed accounts for Green Property for the year to June 30, 2010, show that net rents in the year totalled €579,184 compared to €473,188 the previous year.
The directors said they are satisfied with the company’s performance in the financial year and do not expect any significant changes to its business activities in the foreseeable future. The directors do not propose to pay a dividend for the year.
The company is owned by Green Property Investment Fund 1 Plc.
During the year two of the company’s subsidiaries were liquidated according to the accounts. Martlet Holdings was formally liquidated and distributed its net assets to the company resulting in a €156,798 profit on the realisation of the investment.
Green Property Ltd (registered in Britain) was formally liquidated too.
Green Property went 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 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, his management team and Bank of Scotland as joint owners.
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.
Last year, 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.
Earlier this year, a row over rents at the Blanchardstown Centre was reported to be leading to the loss of more than 100 jobs.
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