A single investor has paid over €100 million for 12 AIB bank branches in the first sale and leaseback deal of its kind in this country.
It is understood that there were five bids for the entire portfolio, all of them well over the guide price of €87 million. There was also a substantial number of offers for individual branches and, while some of these may have been higher than the value put on them by the successful bidder, the bank apparently took the view that there are considerable advantages in having one landlord rather than a dozen to deal with in the future. AIB is expected to offer more branches for sale in the coming months to free-up working capital.
The highest value bank branch sold was at Dame Street, with a guide of over €15 million. Other branches in the portfolio are at O'Connell Street in Dublin; George's Street in Dún Laoghaire; The Plaza in Stillorgan; Lower Drumcondra Road; Main Street, Dundrum; Ranelagh; St Bridget's Road in Artane; Crumlin; Old Bawn Road in Tallaght; Morehampton Road in Donnybrook; and the University Branch in Clonskeagh.
Michael Clarke of Hamilton Osborne King said yesterday that he was not yet in a position to comment on any sale.
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