Bank acquires first US property

Bank of Ireland Private Banking has acquired its first US property asset for €54.5 million ($71.7m) on behalf of clients, it was announced yesterday.

The acquisition is a 312 unit multi-family complex, located on 33 acres within a major residential and commercial property complex north of Boston.

The bank’s US partner, AEW Capital Management, LP (AEW), a Boston-based global real estate investment manager, advised on this transaction.