Real Estate Opportunities, the Jersey-based property company in which Treasury Holdings has a controlling 37 per cent stake, has sold two buildings for £16.425 million (€23.8 million) and is close to disposing of a portfolio of 15 properties for £42.9 million.

An office block in Douglas on the Isle of Man was sold for £11.675 million, while an office building in St Peter Port, Guernsey, fetched £4.75 million, the company said yesterday.

Separately, contracts have been exchanged on a portfolio of offices, retail and industrial properties, the bulk of which are located in the south of England.

"Many of these properties have either limited asset management opportunities or are expected to underperform in the short to medium term," the company said in a statement yesterday.

Real Estate Opportunities chairman Mr Ray Horney said in the statement that the group would continue "to focus the group's portfolio on assets that we believe will generate the best total return for shareholders".