Eyre Square Shopping Centre in Galway has been sold by real estate agents Colliers for €9.75m.

The buyer has not been disclosed, but it is understood that the centre has been bought by a private fund managed by Davy Real Estate.

It was put on the market by current owners Marathon in August of last year, guiding €12.76m.

"The opportunity saw significant interest from investors, predominantly domestic, given the attractive yield and high profile of Eyre Square Shopping Centre," said Michele McGarry, Capital Markets at Colliers.

Developed by McInerneys in 1991, the shopping centre consists of over 70 retail units and kiosks with around 270,000 visitors a week.

Penneys and Dunnes Stores are anchor tenants in the facility, along with a range of other local and international retailers.

The sale includes eight retail units, with tenants including JD Sports, Great Outdoors, Specsavers, Diesel, Starbucks and Vero Moda, as well as two vacant units.

It also includes control of the centre together with the freehold common area units.

The centre also has direct access to 450 car parking spaces in Eyre Square car park.

Marathon invested significant funds in refurbishment of the building over the course of its ownership.