One of the largest shopping centres in the midlands has been purchased by Tesco for a figure believed to be in excess of €50 million.
The Golden Island shopping centre, which draws shoppers to Athlone from all over the midlands and mid-west, features 42 shops. Mr Bernard Mahony, regional manager of Tesco, confirmed the purchase.
The previous owners were Devon Star Ltd.
It is not yet clear what the future will be for the current manager of Golden Island, Mr Jim Behan, who ran as an independent candidate in last year's local elections, and who has been to the forefront of the centre's success.
Mr Mahony said: "We are pleased to now own the Golden Island shopping centre which has, for many years, provided quality, value and choice for consumers of Athlone and the mid-west.
"We look forward to playing our part in ensuring its place as a shopping destination into the future." Golden Island is expected to feature in a future module of the Mahon tribunal when it investigates the designation of certain areas for urban renewal tax incentives between 1988 and 1994.
Golden Island was designated for urban renewal on the final day of the FF/Labour coalition in November, 1994.