IPM Irish Life&P.Gp

RNS Number:7789G
Irish Life & Permanent PLC
23 December 2004


Irish Life & Permanent plc

Stock Exchange Announcement

Thursday 23rd December 2004

Irish Life & Permanent plc has announced the sale its subsidiary company, Irish
Estates (Management) Ltd. (Irish Estates) to a group of private and
institutional investors led by Niall McFadden.

Irish Estates is the market leader in the Property Management industry in
Ireland. The company manages a range of properties in various sectors for
clients including Irish Life & Permanent plc, Irish Life's Property Funds and
others such as the IDA, Cosgrove Developments, British Land, and the Department
of Finance. The company employs 114 people and all current employees will be
retained. Net assets are not material.

The sale of the company follows a strategic review of its operation undertaken
by Irish Life & Permanent plc. The decision to sell the business is in line with
Irish Life & Permanent's stated "Ireland First" strategy whereby its strategic
focus is clearly on the personal retail financial services market in Ireland.
The review was initiated as the business of Irish Estates was not a core
activity of the Group and was not in line with the Group's business focus or
strategy.

Irish Life & Permanent plc was advised in this transaction by NCB Corporate
Finance.

Further Information:

Barry Walsh
Head of Investor Relations
Ph: 01 7042678
Ph: 0876818157

Ray Gordon
MRPA Consultants
Ph: 01 6788099
Ph: 087 2417373



                      This information is provided by RNS
            The company news service from the London Stock Exchange

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