The Irish Times reports that a 72% stake in Liffey Valley in west Dublin has been sold to HSBC’s investors. The stake is currently owned by Aviva.

The remaining shares in Liffey Valley are owned by Grosvenor Estates, an English property company.

The centre has a rent roll of €28m from 70 shops and on top of its existing space there is also room to expand it further to about half a million square feet.

While it is a staggering price, before the property crash the former owners had sought to sell half the centre for between €300 and €400 million euro.

The attractiveness of Liffey Valley should improve when Tesco build a supermarket near it. It’s had no supermarket since it was built almost 20 years ago.