Offers for the sale-and-lease-back of four Microsoft plants in Dublin close on September 6th, with the selling agents, Colliers Jackson-Stops, forecasting that there will be a high level of interest. The portfolio is expected to make about £50 million - a valuation based on a guideline yield of 7 per cent.

Roderick Downer of the agency says Microsoft's break options in the leases - a normal arrangement for US companies - were seemingly having little effect on investor interest. Microsoft is currently planning to occupy an additional 80,000 sq ft in Dublin. Offers for the investments are likely to come both from institutions and private investors.

Agents advising investors acknowledge that no one is questioning whether Microsoft will opt out of any of the leases. Some take the view that the properties are probably more valuable empty because by today's standards the facilities are under utilised.