Irish Life & Permanent (IL&P) has written down the value of its investment property portfolio by approximately 55 per cent from its peak.
The banking and insurance group, owner of Permanent TSB, incurred writedowns of just under €2 billion over the past two years on buildings held by unit-linked funds on behalf of IL&P clients.
The writedowns span commercial offices, industrial property, and retail real estate such as shopping centres.
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