British land units sell 50% stake in Ilac Shopping Centre for 121.32m (UK)

Firmount Limited and Arch Properties Limited (wholly-owned subsidiaries of The British Land Company PLC) announce the sale of a 50% interest in the Ilac Shopping Centre, Dublin for €121.32m. The half share was originally acquired in 2001 for €56.6m.

The shopping centre has been co-owned with Irish Life Assurance Company Plc, with the British Land subsidiaries acting as Asset Managers since acquisition in July 2001.

Strategic asset management has achieved significant new agreements with Dunnes stores, Roches stores, Dublin City Council and Easons. A 14,000 sq ft flag-ship store has been created for H&M at the newly remodelled entrance at Mary Street and a new Dunnes store fronting Henry Street and Moore Mall across Sampson's Lane is scheduled to be opened by Christmas 2006. In addition, during 2004 the asset managers put in place an agreement with South Dublin Construction for the development of 10,000 sq ft of retail space on Parnell Street with 126 apartments above.

Source: British Land

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