Irish Life & Permanent today announced the sale of its Irish Estates Management (IEM) subsidiary for an undisclosed sum to a group of private and institutional investors.
The group, which will be chaired by Mr Niall McFadden, has bought facilities management company Vector and intends to merge both companies.
IEM manages a range of properties in various sectors for clients including Irish Life & Permanent, Irish Life's Property Funds and others such as the IDA, Cosgrove Developments, British Land, and the Department of Finance.
The company currently employs 114 people, all of which will be retained under the move.
Irish Life & Permanent said the sale of the company follows a strategic review of its operation.
"The decision to sell the business is in line with Irish Life & Permanent's stated 'Ireland First' strategy whereby its strategic focus is clearly on the personal retail financial services market in Ireland."
"The review was initiated as the business of Irish Estates was not a core activity of the Group and was not in line with the Group's business focus or strategy," it said.