Land Bank is to sell a €5 million home to an Irish company.
The company will use the cash to help pay down debt incurred to develop the property.
Land Bank’s chief executive and managing director will also join the company to manage the development.
The deal was completed last month, and it is expected to be completed in the next few months.
The property, a five-bedroom house in the city centre of Limerick, was built in 2012 for €12m.
The sale of the property, valued at €4.4m, was the first step in a long process that will see the company and its team of consultants sell a further €3.7m of properties, according to The Irish Independent.
It comes after Land Bank’s board approved a €3m loan for the development of a new site in the centre of Dublin, which is expected in 2018.
Land bank said it was working with the owner of the house, a company called Connex, to develop a new office, shop, and apartments.
It said that the new office would be located on the site of a former building, and would employ around 250 people.
Landbank said the building was expected to attract the same types of clients as the existing offices.