Arnotts is to pay over €65 million for four adjoining business premises on Henry Street and the offices and former printing works of Independent Newspapers on Middle Abbey Street.
Hamilton Osborne King, which handled the sale of the Henry Street shops, is also advising Independent Newspapers.
The two acquisitions will give Arnotts almost two acres of additional space stretching from Middle Abbey Street back to Henry Street.
Though the store has yet to complete formal contracts for the purchase of the newspaper premises, it is likely to be paying around €26 million before the end of the year for the building, partially unused since the Independent group moved its printing operation to Citywest.
The publishing group will be leasing back office space until an alternative headquarters is found in the city centre. Demolition work on the former printing works backing on to Princes Street has already begun.
Nesbitt Acquisitions has already borrowed heavily since paying €210 million to buy out the shareholders in Arnotts. It will be anxious to keep redevelopment costs down.