The ILAC Shopping Centre in Dublin is not for sale, according to Irish Life, which owns the complex along with the ESB Pension Fund. The owners are shortly to begin work on redeveloping the centre which a spokesman described as "the jewel in the Irish Life property portfolio". The Irish Life statement follows reports that a consortium composed of The move to bid for the ILAC would be seen as an attempt by the consortium to consolidate its position in the Moore Street area. Dunloe Ewart, which is to acquire two small sites at the back of O'Connell Street from Keelgrove, is also likely to be interested in the development of the area. Three years ago, Irish Life offloaded one-third of the equity in the ILAC to the ESB fund for around £30 million because it represented too large a proportion of its overall portfolio.