Ireland’s oldest retailer has sold a 45% stake in its business, which includes a €750m (£511m) Dublin regeneration scheme.
Arnotts, which operates Ireland’s biggest department store, sold the stake to a joint venture of Irish investment company Boundary Capital and Anglo for €65m (£44m) through a holding company.
Boundary put up €40m (£27m), €11m (£7.4m) of its own cash and a €29m (£19.6m) loan facility. Anglo Irish put up €25m (£17m).
Arnotts has received planning consent for its €750m, 1.65m sq ft Northern Quarter retail-led scheme, which will also include leisure and residential elements, as well as a 4-star hotel.
Arnotts said it was finalising terms for the appointment of a development manager, thought to be Centros Miller, and a third party minority equity investment partner.