Irish Life & Permanent will acquire 73 per cent of St Stephen's Green Shopping Centre from British Land plc, the companies announced today.
As of the deal British Land will acquire 40 per cent of the freehold of the ILAC Centre in Henry Street in Dublin. The remaining 60 per cent will be divided between Irish Life (40 per cent) and the ESB (20 per cent).
British Land, which originally developed the St Stephen's Green Centre in 1988, said it will realise £70 million sterling (109.9 million) from the deal.