GREEN Property has sold its half share of 14 properties in Britain for close to £13 million. It has also sold several buildings in Ireland for £6 million.
Green bought the properties in Britain in a joint venture with GE Capital. That total portfolio (comprising 32 properties) cost £19.75 million sterling.
The 14 properties sold fetched £12.25 million sterling. The deal reflects an initial yield of 12 per cent and the properties were bought by the Mars pension trust.
The properties were industrial properties on estates in Braintree, Grimsby, Salford, Southall and Lancing.
Green's managing director in Ireland, Mr Stephen Vernon said all the properties were sold "above their book value" but he declined to give exact figures because Green is in a closed period. Green bought the properties in 1995.
"They all fulfilled our business plan," Mr Vernon said. "The idea was to enhance the rental streams of the properties and then sell them, and this has been done."
Green also said last night that it had taken advantage of buoyant market conditions in Ireland to rationalise its investment portfolio by disposing of certain peripheral assets". It has sold 10 of its property interests in various locations which has realised £6 million.
Mr Vernon said the properties were "smaller properties which were valued in the main at under £1 million". Some were shops in Sligo and one was a shared interest in a building at Westgate Business Park.
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