AIB acquires 23% stake in Myhome

Allied Irish Banks has acquired 23 per cent of Myhome, a joint venture property portal company, for £1.8 million (€2.3 million). This values Myhome at £7.8 million, compared with the £1 million valuation placed on the company in September when Sherry FitzGerald announced it had taken a 38 per cent stake, writes Bill Murdoch. The investment by AIB represents new equity which will be used to develop the portal. Sherry FitzGerald's stake has now been reduced to 29 per cent. Gunne Residential and Douglas Newman Good Residential hold 23 per cent each and management holds the remaining 2 per cent. Mr James Barrett, financial director of Sherry FitzGerald, said the site is now under test and should be up and running by the middle of January.