Life assurance company Friends First has bought Blackrock Shopping Centre, in south Dublin.
Friends First had already owned 34% of the centre, and through its Irish commercial property fund bought the remaining 66% from Musgrave Operating Partners Ireland this week.
The shopping centre generates a rental income of over €5m a year and based on the acquisition price, this is an implied overall initial yield of 9.3%.
Musgrave Operating Partners Ireland is the anchor tenant in the centre and Friends First said the sale will have no impact on the day to day operations for its tenants.
Friends First also said today that it is actively reviewing other similar market opportunities.
