Broker sees Green as a good buy

 

Dolmen Butler Briscoe stockbrokers is recommending Green Property as a buy for investors. Green, which is the Republic's biggest quoted property group, issued strong results last year and is expected to be able to sustain strong growth in 2000. Its property portfolio is equally divided between Ireland and Britain. Its major Irish developments include the Blanchardstown shopping centre.

Dolmen Butler Briscoe says that despite international scepticism, the Irish economy is showing few signs of a major reverse. Increases in rental levels have been driven by tenant demand and as such, development activity has been underpinned, according to the brokers.

Green has also benefited from Britain's strengthening property market. This year it has proposed a joint acquisition with investment bank Goldman Sach of the property portfolio of P&O. This portfolio is worth more than £400 million sterling (#658 million) and if the deal goes through it will mark the arrival of Green Property as a big player on the British property market.