Part of Musgrave Retailers Ireland, the chain already operates 500 locations across Ireland, with the current investment expected to open 18 new locations.
Already, employing over 11,000 people, the expansion will bring the chain’s total employee count in Ireland over 12,000 with 468 jobs expected to be created.
In 2022, the chain had sales of €1.98 billion, a record year.
The company attributed some of its growth to the return of office employees around the country, who brought their custom at breakfast time and lunch breaks.
Ian Allen, the chain’s managing director, said: "Our in-depth understanding of the role of convenience in shopping decisions saw us adapt to the schedules of our time-poor shopper, meeting their needs at each hour of the day.
“Today's customers are shopping little and often and Centra is the perfect solution to meet this trend.
"With nearly 500 stores, Centra is Ireland's leading convenience retailer operating in every community across the country and is well-placed as a destination for top-up shopping.
“The breadth, scale and value offered through our Centra stores ensures that we can continue to meet the changing daily needs of our customers on their doorstep.”