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Green’s €710 million loan closes Back  
In the past number of weeks, Green Property’s €710 million loan has been fully syndicated, and the funds will be used to pay down its remaining management buyout (MBO) debt.
IIn July 2002, Stephen Vernon, chief executive of Green Property, Ireland’s largest real estate company, led a MBO of the company, which saw the company de-list from the Irish Stock Exchange. The equity part of the transaction was around €1.07 billion, with additional debt of €0.8 million. Last year, the company sold off its UK portfolio to pay down some of its debt, and the remaining debt will have been cleared through this transaction.

The loan was underwritten by Bank of Ireland, Bank of Scotland Ireland and Barclays Bank. The three underwriters participated in the syndicate, as did the following banks AIB, Co-Op, Eurohypo, Helaba, National Irish, Ulster Bank and WestDeutsche Immobilien.

A&L Goodbody and Linklaters acted as legal advisors to the banks, with Arthur Cox providing this role to Green Property. KPMG advised both the banks and company.

Green Property is currently working on a €25 million extension of Blanchardstown Shopping Centre with Marks & Spencer, and two thirds of this has now been completed, with a planned opening date of Christmas 2004.

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