Sunday 19 August 2018

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

Business Newsletter

Read the leading stories from the world of Business.

Also in Business