Irish Life has paid about £7 million for a large distribution centre, which has been pre-let to Irish Express Cargo. The deal will produce a yield of 8 per cent for Irish Life's Income Plus Bond. The 96,500 sq. ft building at Raheen Business Park in Limerick has been let on a 25-year lease at an initial rent of £6 per sq. ft. The high-bay unit stands on a site of 5.8 acres and was developed by businessman Gerry O'Reilly.

Quinn Agnew advised Irish Life and Chesser Auctioneers acted for the vendor.