The IRFU has sold a 92 acre plot of land in south-west Dublin to a real estate company.

The rugby union says it's generated €27 million from the sale of the land which it acqured in the mid-90's.

Hibernia REIT plc is the company behind the purchase of the site at Newlands, Co. Dublin.

It's known for developing residential, industrial and office properties throughout the capital.

The IRFU is hoping the money generated from the sale will be invested in the development of club and school rugby.

IRFU Chief Executive Philip Browne said it "regards the delivery of a sustainable, long term additional income stream for investment in the domestic game, for the benefit of clubs and schools, as one of its key priorities."