Forestside, along with Foyleside, was formerly part of a large property group carrying large financial debts which disappeared in the restructuring of the property market crisis.
Forestside Acquisitions is a new company formed following the liquidation of the former large local group which included Forestside (Belfast) and Foyleside (Londonderry).
Foyleside Acquisitions reports separately but is a company with common directors and ownership.
Forestside Acquisitions was bought out of the property market network on December 13, 2014.
Two trading years have been reported. The shares in Forestside Acquisitions are owned by two acquisition companies registered in Luxembourg.
However, the controlling party is Kildare European Partners which is an LP registered in Bermuda. The names of any NI interested parties in these groups are not published.
Forestside Acquisitions was bought for £57.1m.
At the end of 2015 it was in the balance sheet at nearly £66m and, a year later, was quoted at £70m.
Having purchased Forestside, an important financial influence has been the impact of negative goodwill and the amortisation of negative goodwill in the presentation of the profit and loss account.
The main trading revenue has been from rents payable by the tenants at over £4m each year.
However, adding in (in 2015) the amortisation of negative goodwill and, in each year, big gains from 'fair value' adjustments has helped to create large operating profits for the company of £27.4m in 2015 and £7.6m in 2016.
The property owners who have committed to Forestside Acquisitions have managed the purchase and initial operational finance to secure an immediately profitable investment asset.
In 2016 the company paid dividends to shareholders of £2.2m.
The recent accounts for Foyleside Acquisitions follow a similar pattern. Pre-tax profits for Foyleside in 2015 were £24.8m, and in 2016 were £5.9m.