Property developer Noel Smyth appears to be in pole position to acquire a major stake in The Square shopping centre in Tallaght, Co Dublin.

Smyth's company, Alburn, which already holds the freehold of about 20 shops in the centre, is expected to be named as the preferred bidder for a portfolio of 68 shops put on the market by Quinlan Private.

The other serious contenders are Liam Carroll's Danninger and Treasury Holdings.

Alburn is understood to have bid around €310 million for the investment, well short of the guide price of €350 million set by selling agent CB Richard Ellis.

The rent roll of €10 million is €1.8 million below the open market value, says the agent.

Fintan Tierney of DTZ Sherry FitzGerald, who is advising Smyth, said yesterday that it was "premature to comment at this early stage". If Smyth finally emerges as the successful bidder, he will end up with a 56 per cent shareholding in a planned major extension of the centre that is expected to get under way later this year.

South Dublin County Council will also have an important stake of 35 per cent of the equity as owners of the land to be developed.

The Square currently stands on seven acres but, with another 20 available, there is obvious scope to possibly treble it in size with a mixed-use scheme to serve a huge population.

All the indications are that whoever emerges as the purchaser of the Quinlan stake, will probably move to buy in the remaining investments held by a variety of companies and individuals.

Other major stakeholders include AIB Investment Managers and Alanis, the company owned by the McCormack family.