Friday, June 09, 2006

Bank of Ireland to Sell and Leaseback 35 Bank Branches for €300 Million

RTE Business - June 08, 2006

Bank of Ireland has confirmed that following a strategic review of its branch property portfolio, it will sell and leaseback up to 35 of its larger branch locations in September. The bank has 254 branches nationwide.

Bank of Ireland said the proceeds of these sales will be used to strengthen its capital base and to facilitate ongoing growth and investment in the business. The properties will be offered for sale in one or more lots by public tender and CBRE has been appointed as the bank's agents for the project.

Richie Boucher, Chief Executive, Retail Financial Services Ireland says that the bank will enter into long term leases for all of these properties. 'We envisage that we will typically enter 25-year leases, with five rent reviews,' he added. Sphere: Related Content

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