A majority stake in west Dublin's Liffey Valley shopping centre has been acquired by HSBC Alternative Investments (HAIL) for €250m.
As a result of the deal, Aviva Investors will hand their stake over to the fund and it is understood the deal will be confirmed as early as today.
The remaining stake in the shopping centre will be retained by British property giant Grosvenor Estates.
It is expected that as part of the deal, HAIL will sell on a small stake in Liffey Valley to US investment firm Hines.
The sale includes 17 acres, which will be used to expand the centre.
Already Liffey Valley's rent roll is about €28m from around 70 shops including Dunnes Stores and Marks & Spencer.
Before the downturn, Grosvenor had been seeking up to €400m for a 50pc stake in the shopping centre.
It is understood Tesco will soon take up residence close to Liffey Valley on a six acre site.