Blackrock Shopping Centre in south Dublin has been acquired by life assurance company Friends First.

Industry sources say the shopping centre was purchased for in the region of €50 million.

Friends First previously owned 34 per cent of the shopping centre and it has now acquired the remaining 66 per cent from Musgrave Operating Partners Ireland.

Eugene Gibney, head of Friends First's investment division, said the Irish commercial property market has become increasingly competitive in recent months, with a large pool of local and international investors chasing a limited supply of prime retail assets.

“We are delighted to be in a position to acquire the majority interest in the Centre in an ‘off-market’ transaction and we plan to further invest in this asset to drive footfall at this prime location,” he added.

The shopping centre and adjacent offices are currently generating a rental income in excess of €5 million per annum.

The sale of the shopping centre will have no impact on the day to day operations of the current tenants.