Marks and Spencer, the troubled British retailer, could raise up to £50 million sterling (€83 million) from the sale of its property portfolio in Northern Ireland, according to industry sources.

The group has confirmed it is reviewing its property portfolio in the North and may sell a number of its six stores, provided it can lease back the sites.

It is understood Marks and Spencer has already received approaches from interested parties in Northern Ireland about several stores.

The group currently occupies prime trading positions in Belfast city centre, Derry, Newry and Ballymena. It also has a presence in shopping centres such as Sprucefield, Forestside and Bloomfields in Bangor.

According to one senior industry source, the sale of any of these sites would be certain to cause "a great deal of interest" among investors in Northern Ireland because of the size of the potential deals.

Marks and Spencer is carrying out a review of its operations in the North as part of a group-wide programme to identify ways to "monetise" its property portfolio.

A Marks and Spencer's spokesman told The Irish Times: "We are currently detailing what assets we could gain the most capital from in the event of a sale but we have no plans to close stores in Northern Ireland." The group is expected to announce which stores it plans on selling sometime soon.

Flagging profits and poor sales have seen the group slump from one-time darling of the high street to one of the City of London's worst performers.