When Eircom's new owners take control of the company, they are expected to embark on the sale of many of its properties to reduce the overall cost of the acquisition.
Eircom owns 1,300 buildings and 100 sites throughout the country. In Dublin, it has 600,000 sq ft of offices - but virtually all of these are leased.
Though the property portfolio is valued at £427 million (542m), much of it cannot be sold in the short-term because it houses essential transmission equipment.
However, the focus of the two would-be purchasers (venture capitalist groups Valentia and eIsland) as they seek ways of defraying part of the hefty acquisition costs of around £3 billion (3.81bn) is likely to be the most valuable sites. The top 12 have an estimated value of £150 million (190.5m).
These include key Dublin sites such as properties in Dame Court and Adelaide Road. Another is in Crown Alley in Temple Bar.
It might be difficult to rationalise these as they house telephone exchanges, with all the associated cabling.
A more immediate, and obvious focus, would be the key depots. The largest include depots in Sandyford, Clondalkin and Sandwith Street in Dublin.
Outside the capital, large sites are located at Mervue House in Galway and Rathedmond, in Sligo.
The venture capitalists are unlikely to discover a large bonanza as they scrutinise the property portfolio - for two main reasons.
Firstly, Eircom has already revalued its property portfolio. This has thrown up a surplus of £134 million (170m) which has already been added to the group's balance sheet.
Secondly, the group has already been on an active disposal programme. In the two years to March 2000, some £50 million (63.5m) was realised.
The disposals included the Ringsend depot (for £16 million - 20m), Glandore Road training centre (£7 million - 8.9m), Pembroke depot (also £7 million - 8.9m) and a depot at Greenmount Lane, Harold's Cross (achieving £3 million - 3.8m).
In addition, 100,000 sq ft of leasehold property was sold which provided the company with cost savings of £2.5 million (3.2m). These included Frederick Court, 80 Harcourt Street, Garryard House in Earlsfort Terrace and IPC House.
Already this year, Eircom decided to offload two Dublin office blocks it is leasing - one in block C at the Ardilaun Centre on St Stephen's Green and the other at the Phibsboro Shopping Centre.
One of the most valuable properties is the Gaiety Centre but this is owned by Eircom's pension fund - which also owned the property at Lapps Quay, in Cork, which was sold last year.
Eircom is paying the pension fund around £20 (25.40) per sq ft for the use of the Gaiety Centre, which has an estimated value of £15 million (19.1m).
Eircom's property portfolio was valued at £293 million (372m) in the year to March 2000. This was increased to £427 million (542m) following the revaluation.
This, however, includes the properties transferred to Eircell 2000 (the new company taking over the assets and business of Eircell) as part of the sale of its former mobile phone company to Vodafone.
These included eight leasehold properties - unit 5 (24,897 sq ft) and unit 9 (36,459 sq ft) at Richview Office Park, Clonskeagh, Dublin 4; and unit at Belfield Office Park, Donnybrook, Dublin 4, (30,255 sq ft), Sandyford Industrial Estate, (46,760 sq ft), Oliver Plunkett Street, Cork (3,346 sq ft), Wicklow Street, Dublin (2,411 sq ft), College Green, Dublin (26,833 sq ft) and Raheen Industrial Estate, Limerick (15,626 sq ft).
Eircell, according to the Eircom demerger document, also had an agreement to lease an additional property at Central Park, Leopardstown, Dublin, which comprised 263,000 sq ft. The intention is to consolidate the majority of its properties into one central location, so it is also likely to be rationalising some of its property portfolio.
Following completion of the sale, Eircell owned 142 sites, and leased or licensed some 958 additional sites. The owned sites have an aggregate book value of around £23 million (29.2m).
