Hamilton Osborne King (HOK) has emerged as a possible bidder for Irish Life and Permanent's (IL&P) property management company, Irish Estates, writes Barry O'Halloran.

IL&P is "exploring expressions of interest" from possible suitors for Irish Estates, its property and facilities arm, which sources say is valued at around €15 million.

The group is considering a sale of the company as part of a strategic review, but a spokesman stressed yesterday that no firm decision has been made.

"The business is not core to personal finance, so it's not something we regard as vital," he explained.

NCB Stockbrokers is advising the group on the sale, and the spokesman said that the firm was exploring a number of options.

Three parties are said to be in the running. Yesterday, The Irish Times learned that estate agent and property manager HOK had been offered the company. However, HOK could not comment as it has signed a confidentiality agreement IL&P.

Reports at the weekend said that the Quinlan Partnership, the company controlled by property investment adviser Mr Derek Quinlan, was also interested in Irish Estates.

Neither IL&P nor Quinlan Private could confirm this yesterday, but it is understood that Mr Quinlan has run his rule over the business. Quinlan bought car park operator Park Rite from IL&P several years ago.

One source in the property market said that any of the Republic's bigger property management companies would be interested in the Irish Estates business.

Irish Estates manages properties such as the ILAC shopping centre and Irish Life complex in the centre of Dublin, on IL&P's behalf.

It also has contracts for managing buildings in the capital's International Financial Services Centre (IFSC) and with State agency IDA Ireland, and a number of Government departments.

Last year Irish Estates made a profit of €1.9 million on a turnover of €5.9 million. It paid almost €1.3 million in dividends to its parent.