DUBLlN businessman Peter White has sold his 20 per cent stake in property investment company Consolidated Land Corporation, in advance of the sale of its entire portfolio. The company is a subsidiary of Sydney & London Properties which has acquired the remaining 40 per cent of the issued share capital held by Mr White and the late Phillip Frederick.

Consolidated Land is seeking around £28 million sterling for five property investments in Dublin and Belfast. Like most property companies, it is likely to have heavy borrowings, possibly as high as £22 million sterling.

Mr White said he had taken the view that there were too many people going into property as an investment. "My instinct is not to follow the herd. I don't want to chase prices upwards, I feel there is better value in other types of investments at the moment."

Mr White still controls a considerable property portfolio, including Dublin Land Securities, which collects up to £200,000 annually in ground rents from 8,000 Dublin buildings.

Consolidated Land is seeking £21 million for two Dublin office blocks, Cumberland House in Fenian Street and Hill Samuel House at Adelaide Road. That price would reflect a nett yield of 7.24 per cent per cent. In Belfast, the Victoria Shopping Centre, Victoria House - an adjacent office block - and Beechill House, a modern suburban office block, are for sale.