GREEN PROPERTY Ltd, part of the group that owns the Blanchardstown centre in west Dublin, saw its pretax profits rise to €2.5 million in the year to the end of June 2009.
Latest accounts for the company show that pretax profits surged from the €955,000 recorded in the previous year. However, net rents from its continuing operations fell sharply to €473,188.
Green Property Limited is part of the Stephen Vernon-led Green Property group and is one of 83 companies in the group. The bulk of its trading is with other companies in the group.
The company retained a profit of €2.65 million for the financial year. It wrote off €1 million on its investment properties in the profit and loss account. In total, the company devalued its properties by €4.3 million in June 2009, with most of the downward movement accounted for through its revaluation reserve.
Its properties were deemed to be worth €12.8 million at the end of the financial year.
Green Property has more recently been working on a deal to buy €1 billion of investment property assets from Anglo Irish Bank.
The ultimate operating vehicle for the group is Green Property Investment Fund 1 plc, a variable capital investment fund that is not obliged to file accounts publicly.
Accounts recently filed at the Companies Office show that a related company, Green Property Management, recorded pretax profits of €8.4 million for the year to the end of June 2009, while turnover more than doubled from €5.6 million to €13.9 million.
