Property investment group Green REIT has agreed a conditional €155m deal to acquire full control of Central Park in Leopardstown in south Dublin, increasing its ownership from 50% to 100%.
Green said the completion of the deal is conditional on the approval of the Competition and Consumer Protection Commission.
The company said the deal will be funded through its revolving credit facility with Barclays Bank and by it taking over the seller's debt secured against the property.
Central Park comprises six modern buildings covering approximately 691,000 square feet in Leopardstown. Its main tenants include Vodafone, Merrill Lynch, Ulster Bank, Tullow Oil, Leaseplan and Salesforce.
Pat Gunne, CEO of Green Property REIT Ventures - the company's investment managers - said that Central Park is widely acknowledged as the country's "premier business park".
Mr Gunne said that development of Block H in the project is now well underway and the park is fully occupied after a lease deal was completed with Sage for 45,000 square feet of office space.
"We are excited to be delivering this building into the market in the early stages of the Dublin office development cycle, with estimated completion in December 2016. Our intention, on the back of this acquisition, is to sell a number of assets in 2016 in order to stay within our intended total gearing level of 25%," he added.