Irish Life & Permanent sells Irish Estates

Irish Life & Permanent has announced the sale of its subsidiary company, Irish Estates Management Ltd (Irish Estates) to a group of private and institutional investors led by Niall McFadden.

No sale price has been disclosed.

Irish Estates is a market leader in the property management industry in Ireland. The company manages a range of properties in various sectors for clients including Irish Life & Permanent, Irish Life’s Property Funds and others such as the IDA, Cosgrove Developments, British Land, and the Department of Finance.

The company employs 114 people. All current employees will be retained.

The sale of the company follows a strategic review of its operation undertaken by Irish Life & Permanent.

The decision to sell the business is in line with Irish Life & Permanent’s stated “Ireland First” strategy whereby its strategic focus is on the personal retail financial services market in Ireland.