Dunloe Ewart recoup £91m from property sales

Dunloe Ewart have completed the sale of 13 of the island's most exclusive properties in a deal worth £90.75 million.

The sale to property developer Brunswick comprises 10 sites in Northern Ireland including the Sirocco factory and four buildings in Lanyon Place in Belfast. The proceeds from the deal will fund the company's expansion of its Dublin portfolio.

Dunloe Ewart chairman Noel Smyth said: "The difficult financial market conditions for listed property companies have not helped Dunloe Ewart's ability to fully realise its development in recent times.

"These conditions, along with a number of other considerations, have brought a change in strategy that will see us focus more on the Dublin market in the future."

The rental income from the properties in 2001 totalled £4.7 million, however this was not enough to offset "the difficult market conditions" experienced by Dunloe Ewart in the north.

The sale now reduces Dunloe Ewart's presence on the property map in the north to a joint venture in Belfast city centre for a 27-storey hotel and office block.

A spokesman for Brunswick said: "This superb portfolio represents an excellent opportunity for us. Unrestricted by the vagaries of the stock exchange and with local Northern Ireland knowledge contained within Brunswick, we are confident that this deal reap significant benefits in the future, both for our company and the people of Belfast."

Among the other sites sold are the Cathedral Way/North Street development and Windsor House on Bedford Street.

(GMcG)