British Land will end up with a majority stake in the ILAC shopping centre in Dublin under a new ownership regime to be announced in the coming weeks. Irish Life and British Land will initially have 50 per cent each of the redeveloped complex as part of an agreement to swop shareholdings in the ILAC and St Stephen's Green Shopping Centre.

However, Irish Life will then sell on 20 per cent of its stake to the ESB Superannuation Fund under a long standing agreement. The fund is expected to pay around £20 million (25.39) for its minority stake. Although a three year time limit on the sale has already run out, it is understood that both Irish Life and the ESB are determined to complete the deal.

Under the new ownership arrangement, Irish Life will have a 73 per cent stake in the St Stephen's Green Centre once it hands over 50 per cent of the shareholding in the ILAC to the British company together with more than £50 million (#63.5m) British Land will have the lead role in redeveloping the ILAC centre, adding 40 per cent more retail space to bring it up to 320,000 sq ft. It will then be larger than the nearby Jervis centre.

The ILAC's valuation of just under £100 million (127m) is based on a rent roll of £3 million (3.8m) and the huge development potential. St Stephen's Green has a book value of £150 million (190.5m) and a rent roll of £8 million (10m).