AIB looks to raise €20m via branch sale and lease

AIB is looking to raise more capital via the sale and leaseback of seven branches in its property portfolio – a move which could raise an estimated €20 million for the bank.

The branches in question are at Swords, Co Dublin; Navan and Kells in Co Meath; Dundalk, Co Louth; Monaghan town and Castleblaney, Co Monaghan; and Maynooth in Co Kildare.

“Following on from the recent successful 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. All of the branches will be secured by long-term leases to AIB 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 five-year intervals,” a bank statement said.