The board of Green Property announced today it has received a takeover approach for the company.
The party is said to have indicated that, subject to certain conditions, it would be prepared to make an offer for the company at a "modest premium to the current share price."
Green's total assets were valued in excess of euro 2 billion as of December 31st 2001. Key schemes include the flagship Blanchardstown Shopping Centre outside Dublin and a number of industrial parks in Britain, the most notable being Trafford Park in Manchester.
Earlier this month Green sold a portfolio of 13 British properties to Threadneedle for just over £54 million sterling.
The portfolio included industrial assets in Watford, Crayford, Bristol and West Molesey together with offices in Central London and Reading.
Green Property shares rose 30 cents or 3.5 per cent to euro 9.00 on the Irish Stock Exchange on foot of the announcement.
The board will make a further announcement in due course.