Bank of Ireland Staff Pension Fund has sold a Dublin property portfolio for €115m.

IPUT said it had bought the ‘Salix’ portfolio from the fund in an off-market deal at a 7% yield.

Bank of Ireland would not comment on its sale of the 70,000sqm portfolio, which includes 13 office, retail and industrial properties in and around the Irish capital. Current rental income from the portfolio is approximately €8.4m per year.

Niall Gaffney, chief executive of IPUT, said the acquisition would strengthen long-term income returns for its investors.

Diageo, ESB Pension Fund and Irish Airline Staff Pension Funds have all sold properties to IPUT, with almost €200m transacted. The latter pair are both also shareholders in IPUT, along with Coras Iompar Eireann Pension Schemes, Eircom Pension Fund, Guinness Pension Nominees and Aviva Investors.

IPUT’s portfolio is concentrated mainly in Dublin and Cork. The investor is balancing its portfolio of manly office and retail properties and looks for both capital growth and income.