Alburn Investments, a property group controlled by solicitor Noel Smyth, has refinanced £200 million worth of bank debt by issuing bonds that are secured on a portfolio of 44 offices and industrial properties in the UK.

The refinancing was arranged by NM Rothschild and will save Alburn about £2 million a year on its interest bill.

The loans were originally held by Anglo Irish Bank, Barclays and Rothschild. In a novel move, Rothschild devised a property-backed bond that was given a rating by Moodys, Fitch and Standard & Poor's.

These bonds were then bought by institutional investors in the UK, Germany and Ireland. "It's a nice deal in that we've become our own bank by issuing our own bonds," Mr Smyth said.

"We also now have the flexibility for further sales and acquisitions, are not faced with repayment fees and can use the existing structure to raise further funding," Mr Smyth said.

The properties were valued by UK estate agent DTZ at £250 million. One of the office blocks is in Belfast, two are in Scotland and the remainder are in the south of England and London.

Mr Smyth, a former chairman of Dunloe Ewart, a former quoted company that rival developer Liam Carroll gained control of in 2002, has about €650 million worth of investment and development properties in the UK and Ireland.

The biggest project is the extension to the Square shopping centre in Tallaght, which will see it double in size. The first phase of the redevelopment is costing €400 million. Mr Smyth said he has no plans to refinance any of its Irish properties. "They're all in the development stage and we'd wait until they are completed and are investments before we would consider doing something like that."

Alburn, which is based in Sandyford, also has a number of residential schemes on the blocks in south Dublin.