Strong interest in distressed portfolio worth over €135m

Agent DTZ Sherry FitzGerald has had over 160 offers for all or part of a distressed property portfolio to be sold for Danske Bank.

The response is easily the largest since the various institutions and individuals moved to offload a huge range of investments at heavily discounted prices.

Danske is likely to secure over €135 million for 12 properties, including retail parks in Tallaght, Naas and Limerick, serviced offices at Leeson Street Bridge in Dublin 2 and Belfast, Horizon industrial park at the rear of Dublin Airport and a car park at the Parnell Centre in Parnell Street.

Although Green REIT and Apollo have made bids for the entire portfolio, Danske may sell it in large chunks to achieve a higher overall price. Either way, the bank is looking for a rapid exit from the Irish market where its subsidiary National Irish Bank had a heavy exposure.