Tuesday 26 March 2019

Property magnate Stephen Vernon (67) will have benefited handsomely from the sale of Blanchardstown Shopping Centre, which he controlled, to investment behemoth Blackstone for €950m and of two prime London properties for €246m to an Asian investor over the past two years.

He had developed Blanchardstown and a number of other commercial properties before the boom, but then took Green Property, which he founded, private in a €1bn deal, selling off a bundle of properties to clear debt and leave him with Blanchardstown.

He was one of only a handful of property players who survived the 2008 crash unscathed, coming through it with cash to spend. He also made money when €1.1bn Dublin and London-listed Green REIT was floated off - it has built up a portfolio of about €1.4bn of properties with a rent roll of over €70m. Vernon's 34pc of it alone is worth €360m. The shares have risen about 12pc in the past year. However, there have been €75m of performance fees and shares paid mostly to Vernon and his fellow executive Pat Gunne over the past four years, and this riled a small number of shareholders last year.

Vernon's stake in Green Property Holdings, which is a separate entity, and any related debt will have dictated what he banked from his Blanchardstown payday.

A keen sailor, he has a seaside home in West Cork, another in Ranelagh, and he reportedly paid €5m for an off-the plan three-bed penthouse apartment at Lansdowne Place in Ballsbridge, on the former site of the Berkeley Court Hotel. He also supports the arts.

Online Editors

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