The best acquisition of the year in property terms may well have been Treasury Holdings recruitment of high-flyer John Bruder, who has been running a £500 million property portfolio for AIB Investment Managers. He is regarded as one of the most astute players in the investment and development markets and while Treasury Holdings is not short on business acumen, the Johnny Ronan and Richard Barrett team could benefit from Bruder's quiet effectiveness. Bruder's move may well encourage other institutional executives to move to fast-moving development companies where the pay is infinitely better and there's always a chance of a piece of the action.

Bruder's relationship with the Treasury boys goes back almost a decade to Bolands Mills in which AIB was involved.

Although the development set a new standard for offices in the city centre, it took a long time to let. Although Treasury is obviously strengthening its management team - it hired Kevin Kelly of Sisk last year - it is doubtful that it will seek a public flotation over the next year or so because of the poor performance of property companies on the stock market. Both Green Property and Dunloe Ewart are currently looking at management buy-outs, because of abominably low share prices.