AIB sells headquarters for €160m

AIB will bank a profit of €160 million on the sale of its headquarters in south Dublin that it had valued at just €1.2m.

The bank yesterday sold the 2.3-acre site in Ballsbridge to a group of millionaire businessmen and investors known as the Serpentine Consortium. The bank had valued the land on its books at just €1.2m, less than the cost of a family home in the area.

There were nine bids for the site, which is opposite the RDS arena, but the winning offer came from a consortium of investors put together from the client lists of AIB’s own private banking and stockbroking arms.