Developer Treasury Holdings, which is owned by Johnny Ronan and Richard Barr­- ett, wrote down the value of the 16 properties in its securitised mortgage backed vehicle by more than €60m in the last six months of 2008. The valuation writedown to €570.27m was the equivalent of a 9.9% drop in the value of the portfolio which includes Still­organ shopping centre, plus buildings let to KPMG and Bank of Ireland.

A spokeswoman for Treasury Holdings said that the drop in the portfolio's value was "still a complete outperformance of the market" and was a reflection of the quality of tenant covenants, long lease lengths, absence of break clauses and the fact there was upward only rent reviews.

The properties in the commercial mortgage backed securities (CMBS) vehicle have an occupancy rate of 98.6% and generate a net annual rent roll of almost €26.6m. In total the 16 properties are subject to 101
leases.

Treasury set up the CMBS to secure finance of €375m on a portfolio worth just over €500m when it closed in 2006. It is due to mature in 2013. KPMG and Bank of Ireland account for nearly 40% of the annual rent roll with properties let to Marks & Spencer, solicitors Mason Hayes & Curran, Fás and Treasury Holdings itself also included.

The CMBS's quarterly report states 23 leases in Stillorgan shopping centre expired in November 2008 and a number of tenants served notice to renew the leases. Negotiations continue on short-term lease extensions, it said, despite the fact that its footfall – the number of people visiting a centre – fell by 3%.

Treasury is one of Ireland's largest developers, with significant investments in properties in China, Russia, Sweden, Britain and Ireland. It owns numerous hotels, the National Treasury Management Agency's headquarters on Grand Canal Street in Dublin and is currently developing a new office building dubbed Monte Vetro at Grand Canal Dock in the same area.

It is currently building the Convention Centre Dublin in a public private partnership deal with the Irish Government. The centre is in Spencer Dock on Dublin's north quays where Treasury, Harry Crosbie and CIE are developing numerous office blocks, shops, a hotel and apartments.

Treasury is also planning to redevelop Ballymun shopping centre which will in future be known as Spring Cross and is also planning major retail schemes at Collinstown near Leixlip in Kildare and at Clonburris near Clondalkin in west Dublin.