AIB is seeking to raise capital by selling and leasing back seven prominent branches in strategic business locations.According to businessworld.ie, CB Richard Ellis, who have been given the contract to sell the properties, today said the branches are in Swords, Navan, Dundalk, Monaghan, Kells, Castleblaney and Maynooth. This is part of an ongoing strategy by the Bank to unlock capital for its core business activities since the sale of AIB Bankcentre in Ballsbridge in 2005 and 2006.
Following on from the recent sale of three branches in Dublin, Naas and Mullingar, the Bank is releasing another tranche of its branch network in the form of sale and leaseback investments, CBRE said. All of the branches will be secured by long-term leases to Allied Irish Banks plc for a period of 20 years with a break option in year 15 and the initial rents will be subject to upward only reviews at 5 year intervals.
