NAMA has moved to take full control of Dundrum Town Centre shopping centre.
The so-called bad bank will now ultimately call the shots over whether it should sell the retail Mecca.
The south Dublin shopping centre is estimated to be worth as much as €1bn after weathering the economic crash.
Despite the downturn that has ravaged the retail industry across the country, the centre rarely sees a vacant unit.
Upscale tenants include Harvey Nichols and BT2, but its greater appeal is that it includes the likes of Tesco, Penneys and Marks and Spencer in one spot. The vast shopping centre also features a cinema, theatre and restaurants.
State-owned NAMA is the biggest lender to Castlethorn, the company behind the shopping centre, owned by developer Joe O'Reilly.
NAMA already held 70pc of the debts backing the centre, which it 'inherited' from Anglo Irish Bank and AIB.
But the agency has now bought up the 16pc of debt originally owed to Ulster Bank and the 14pc owed by KBC to take total control over the loan package.