Joint venture partners, Allianz Real Estate and Hammerson plc, have purchased a portfolio of loans from Ireland’s National Asset Management Agency (NAMA) for approximately £661m.

The Project Jewel Portfolio is secured against market-leading retail assets in Dublin, including Dundrum Town Centre.

Annette Kröger, CEO of Allianz Real Estate Germany, said: "Our investment into Project Jewel is an important step to a further diversification of Allianz.

"It is a very attractive opportunity to get exposure to the dynamic Irish market. “We are pleased to cooperate again with Hammerson as our joint venture partner."

After opening 10 years ago, Dundrum Town Centre, is 5km south of Dublin city centre and boasts one of Ireland’s highest footfalls with approximately 18 million visitors a year.

It contains 120 retail shops including House of Fraser, M&S and Harvey Nichols, 38 restaurants, a 12-screen cinema and a 3,000 space car park.