The big property companies continue to gear up their operations for expansion over the coming years. The latest firm to recruit a high flyer is the Cosgrave Group, which has just head-hunted Jim Gahan, head of CIE's beleaguered property department. Though Mr Gahan was pursuing a policy of developing the company's property portfolio, Mary O'Rourke, it seems, wants to sell off as much as possible to finance CIE's entry into the 21st century. Gahan has been at the centre of many interesting property deals in recent years, including the £1.2 billion joint venture at Spencer Dock with Treasury Holdings.

Before moving to CIE, where he took over from Owen Hickey, Gahan was property manager of the Custom House Docks Development company which handled the massive IFSC project. His departure from CIE is not that surprising, but everyone is wondering why he didn't join his close friend John Ronan at Treasury.