A EUROPEAN INVESTMENT group has agreed to acquire the Clerys building in Dublin, once home to one of the capital’s most iconic department stores.

Real estate investment manager Europa Capital has announced that it has agreed to purchase the building with local partners Core Capital and Oakmount.

The building, located on O’Connell Street, has been vacant since 2015 when it was sold to Natrium for nearly €30m, leading to the loss of hundreds of jobs.

RTÉ are reporting that the latest deal to sell the building will cost Europa Capital in excess of €60m.

The group intends to transform the former department store into a major new retail, restaurant and office destination, while there is planning permission to extend the building by more than 40,000 square feet.

In a statement to TheJournal.ie, Europa Capital said that it intends to fully restore the building’s well-known historic features, including its colonnaded façade and famous clock.

It’s expected that the building will include a new panoramic rooftop restaurant, retail units on O’Connell Street and dining and drinking facilities, which will be integrated with the street at ground level.

Once the refurbishment is complete, it’s hoped that Clerys will be home to around 400 jobs.