Jermyn Investment Properties, the London and Dublin listed property company, has recorded strong growth in its Irish operations. The joint venture, Castle Market Holdings, continued to 'return high asset value growth', Jermyn said in its preliminary statement for 1997. Its investment in Castle increased by 22 per cent from £15.84 million to £19.3 million, after allowing for a £1.94 million currency translation adjustment, or 34 per cent before the adjustment.
'Our investment in Ireland is a long-term strategy and, even with the effect that the high value of sterling has had on this investment, it has still performed outstandingly'.
A spokesman for Jermyn said the Irish portfolio had a value of some £100 million sterling and included the Stillorgan Shopping Centre where it has applied for permission to extend, offices in St Stephen's Green and a property in Cork. It owns 50 per cent of Castle; the other 50 per cent is controlled by Treasury Holdings which, in turn, is owned by Mr John Ronan and Mr Richard Barrett. Jermyn increased its pre-tax profit from £1.3 million to £1.7 million in 1997.
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