Bank of Ireland portfolio sold to Layden Group

CB Richard Ellis (CBRE) today announced the successful sale of the second Bank of Ireland retail portfolio to the Layden Group.

The thirty properties which were guiding €89.5m achieved a price of €94m, reflecting an initial yield of 3.9%.

The portfolio was sold by private treaty and comprised 29 retail branches and one call centre.

The branches were spread throughout Ireland with eight situated in Dublin, three in Ulster, seven in Munster, four in Connacht and eight in Leinster (minus Dublin).

Each property contained an option on behalf of the purchaser to elect for either a fixed 15% uplift at the first review or an open market rent review.

Commenting on the sale, Robert Murphy of CB Richard Ellis noted that the demand for the individual branches was high, although there were a number of single bids for the portfolio at yields that recognised the potential for strong retail growth and long-term development opportunity.