Irish developer Green Property is chasing €1bn worth of UK property assets. The company is in talks on up to three separate portfolios there, sources in London say, two of which are from non-Irish banks. The third portfolio is part of a wider proposed deal with Anglo Irish Bank.

If it wins the business, Green Property, which is owned by management and Bank of Scotland, will take on the distressed property assets that were owned or seized back by banks and then agg­ressively asset-manage them. Rivals to Green include Del­ancey and Catalyst Capital while the Sunday Tribune previously revealed Sean Mulryan's Ballymore was also approached about similar asset-management ventures.

"There's £300bn of this stuff in the UK that has to go through. They need to be doing £1bn a week of this over the next few years. This is the new property world we live in," a London source said.

The deals will be structured similarly to those where Green Property took on UK assets after AIB seized back property from alleged fraudster Achilleas Kallakis.

Industry wide, the deals usually follow the private equity model whereby the property company is paid a management fee and gets a slice of any upswing in capital values that they create.