Irish Pension Fund Property Unit Trust have paid around I£7m to Lyndon Properties for a 90% stake in the Wilton Shopping Centre, Cork.
Opposite Cork Regional Hospital, the centre was completed in 1979.
The twin malls have some 40 standard units, anchored at either end by Roches Stores and Quinnsworth.
IPFPUT were founded in 1967 as a co-operative of pension funds managed by their unitholders. Today they are among the leading Irish institutional property investors, with assets of I£64m.
Retail assets now account for around 43% of the portfolio.
Jones Lang Wootton acted for IPFPUT.
