The Tánaiste, Ms Mary Harney, has given the go-ahead for the takeover of Green Property by Rodinheights for €1 billion cash.
Rodinheights is the investment vehicle acting for Green Property managing director, Mr Stephen Vernon, who tried to take control of the property group twice in two years.
Also involved in Rodinheights are Merrill Lynch Holdings and ICC Holdings.
Rodinheights said the offer has been declared unconditional in all respects and that it now controls about 88.9 per cent of Green.
Green Property has been at the centre of takeover speculation since May, with privately owned Treasury Holdings and a group headed by Deutsche Bank, and Real Estate Private Equity, among those vying for control of the group.
The final offer represents a 4 per cent discount to Green's adjusted net asset value at the end of last year.