BoI buys €55.8m stake in LSE building

BANK OF IRELAND has paid €55.8 million for a 25% stake in part of the old London Stock Exchange building.

Its private banking arm has entered into a joint venture with GE Capital Real Estate and property company Hammerson for the 417m redevelopment of the building on behalf of private clients. GE Capital Real Estate will also hold a 25% stake in the development while the FTSE100-listed Hammerson will hold the remaining stake.

Bank of Ireland, which was advised on the deal by Jones Day and Atisreal, said the redevelopment of the 26-storey tower building will provide around 325,000 square foot of office accommodation and 7,000 square feet of retail space.