Tuesday 23 April 2019

Green Property springs surprise with appointment of Gunne

John Mulligan

The former listed Green Property group has announced that Pat Gunne (left) is to join the company as its managing director from the beginning of next year.

The surprise move will see Mr Gunne relinquish his position as deputy chairman of CB Richard Ellis Ireland.

Green Property is chaired by Stephen Vernon.

In 2005, Mr Gunne sold the commercial arm of the Gunne property business established by his late father.

That reaped the Gunne family an almost €25m windfall. Mr Gunne had headed the business since his father passed away in 1997.

Mr Gunne has had a number of previous dealings with Green Property and was among a group of investors who acquired the Atrium buildings in Sandyford from the firm in 2005 for an estimated €120m.

Green Property owns the Blanchardstown shopping centre in Dublin, one of the biggest developments of its kind in Ireland.

Consumers spend about €812m a year at the shopping centre.

In 2000, Mr Vernon led an unsuccessful management buyout bid for Green Property, but two years later managed to take the firm private in a deal that valued the company at more than €1bn.

Green Property subsequently sold about €1.5bn in property, including most of its UK properties, but retained the Blanchardstown shopping centre as well as industrial and retail properties in Fonthill in Dublin.

The company recently embarked on its first UK commercial property project since it was taken private.

Also in Business