UK retail property giant Hammerson looks set to secure full ownership of Dublin’s Ilac Centre following agreement to acquire co-owner, Irish Life’s 50 per cent stake in the city centre scheme. The Irish Times understands the details of the transaction will now be submitted as part of a merger notification to the Consumer and Competition Protection Commission (CCPC) for its approval.Hammerson acquired its original 50 per cent stake in the Ilac Centre in 2015 as part of a wider €1.85 billion purchase from Nama of Project Jewel, a portfolio of loans associated with developer Joe O’Reilly’s Chartered Land, in partnership with Allianz Real Estate of Germany.The other assets in that sale included most notably Dundrum Town Centre in south Dublin, a 50 per cent stake in the Pavilions shopping centre in Swords, and the 5.3-acre development site bounded by O’Connell Street and Moore Street in Dublin city centre known as Dublin Central. While the precise value of the deal for full control of the Ilac remains unclear, sources familiar with the details of the transaction expect Hammerson to pay at least €45 million to secure Irish Life’s stake. Assuming the transaction secures approval from the CCPC, that would give the Ilac an indicative valuation of about €90 million. Developed in 1981 by Irish Life and named after the acronym of the company’s original name, Irish Life Assurance Company, the Ilac extends to 46,450 sq m (500,000 sq ft) with more than 80 retail units and more than 1,000 customer car-parking spaces. The scheme is anchored by Dunnes Stores and TX Maxx, with other key tenants including Foot Locker, Boots, River Island and Starbucks.