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LONDON-Irish property company Dunloe Ewart has started the process of selling off surplus assets. Earlier this year shareholders blocked a plan to take the company private but approved a partial liquidation of the portfolio.

Dunloe Ewart’s entire Scottish investment portfolio, has been sold for just under £18 million ($25.4 million) in two separate transactions. The Scottish investor Boson has Dunloe Ewart’s properties in Aberdeen, Edinburgh, Glasgow, Paisley, Lanark and Ayr for £14 million ($19.75 million) assisted by funding from Bank of Scotland. Boson was advised by Montagu Evans. And Sydney and London Properties has bought Albany House, an office building in central Edinburgh, from Dunloe Ewart for £3.975 million ($5.6 million).

‘The sale highlights the current trend of listed property companies going private, and of private investors acquiring commercial property investments as a result of competitive funding terms’ according to Angus Campbell, investment partner at Ryden the agent for Dunloe Ewart.

And in Northern Ireland Dunloe Ewart has sold four investment properties for close to £15 million ($21.15 million). The portfolio included the De Courcy Shopping Centre in Carrickfergus; Ross’s Court in Belfast city centre let to the retailer Argos; Beechill House, an office/development opportunity in South Belfast and the Lanyon Place multi storey car park in the city centre. The purchasers were local private investors.

Insignia Richard Ellis advised Dunloe Ewart and said the sales, which were all in excess of quite aggressive asking prices, demonstrate the appetite for investments within the Northern Ireland market where available opportunities are limited.

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