UK property firm Hammerson has sold its entire interest in Value Retail, a collection of fashion outlets business that includes a stake in Kildare Village.
The assets are being bought by a company owned by US private equity firm, L Catterton.
It is paying £1.5bn for the properties, generating cash of £600m for Hammerson.
It said the deal is in the best interests of shareholders as a whole and would "ensure a clean exit from a complex structure at an attractive price".
The transaction would also unlock value from 42% of its total portfolio, it added.
"This is a transformational deal for Hammerson, generating cash proceeds of c.£600m whilst removing an overweight, low yielding and minority stake, and positioning us for accelerated growth and value creation," said Rita-Rose Gagné, the CEO of Hammerson.
"The Disposal focuses our portfolio on prime urban real estate with a transformed capital structure and the capacity and capability to advance our strategy in higher yielding opportunities with stronger returns, whilst enhancing returns to shareholders."
Hammerson said it would use the money to significantly and immediately deleverage through a reduction in net debt and reinvest into assets in its core markets at higher yields and stronger returns.
It will also use if for a share buyback of up to £140m.
Kildare Village is home to more than 100 boutiques of international fashion and lifestyle brands, which include Armani, Boss, Coach, DKNY, Karl Lagerfeld, Mulberry, Prada, together with Irish designers that include Louise Kennedy.
Hammerson owns 41% of the centre.
L Catterton is backed by French luxury power house, LVMH.
