GREEN REIT, the listed property investment fund backed by billionaire John Paulson, is in exclusive talks to buy most of the Irish property portfolio from Danske Bank after topping rival bids.
Industry sources said Danske is seeking as much as €135m for the whole portfolio. Known as Project ARC, it includes retail properties, offices and a parking lot.
Mr Paulson and fellow backers, Pacific Investment Management and Blackrock, are seeking to profit from Ireland's property recovery after the worst crash in western Europe.
The slump ensnared Danske's Irish subsidiary, which is winding down its commercial property investments. Spokesmen for Green REIT, Danske and Grant Thornton, which is advising the bank, declined to comment. (Bloomberg)