Financial institutions are continuing to offload some of their older investments to allow them to rebalance portfolios after a long period of volatility in the equity markets.

Irish Life is set to reduce its property weighting by selling Joyce House, a 30-year-old office block at Lombard Street, Dublin 2. It is better known as the office for the registration of births, deaths and marriages.

The four-storey, 1,350 sq m (14,531 sq ft) building is rented by the Office of Public Works under a long lease that has another 13 years to run. The rent roll of around €500,000 was reviewed in September, 2001, and works out at around €344 per sq m (€32 per sq ft).

CB Richard Ellis Gunne is expected to pitch the asking price around €8 million, according to property sources.

Photograph: Brenda Fitzsimons