If Green Property does get the opportunity to make a takeover bid for Trafford Park Estates, it will be by far Green's biggest property acquisition and would increase the size of the Irish company by around 25 per cent.
Since Mr Stephen Vernon's arrival as managing director in 1993, Green's property portfolio has risen from £74 million to £420 million, split roughly 55-45 between Ireland and the UK. Green's main asset in Ireland is the Blanchardstown Centre, which is valued at £100 million, while it also has the Ardilaun and Setanta office developments in central Dublin.
The group has also recently begun Ireland's first "outlet mall" in Killarney at a cost of £10 million and also plans to begin development of a 31-acre site adjoining the Blanchardstown centre later this year.
The British assets are mainly office and industrial properties. Green plans to develop a series of industrial properties in London and Wales and office developments in the south of England.
Last year, Green increased profits from £8.5 million to £12.1 million, with net assets rising from 265p to 360p per share. The company raised £60 million in a rights issue last December and is forecast to have a gearing of 67 per cent at the end of this year, before any further deals are done.
