“The Bank Portfolio” – Exceptional retail/office Investment portfolio

AIB Dame Street, Dublin 2 - Bank Investment Portfolio

The Bank Portfolio is being brought to market by Knight Frank under the instruction of Gerard Gannon. The opportunity will give investors the chance to purchase properties from an exceptional portfolio of landmark retail/office bank branches let to an unquestionable covenant.

The portfolio consists of twelve AIB bank branches in Dublin that are strategically positioned within AIB’s branch distribution channel. The twelve properties, let to AIB Bank Plc., are being offered for sale in one or more lots. Property agents Knight Frank are guiding Excess €48 million for a total rent role of approx. €3.29 million which will represent a net initial yield of just over 6.6%. Individual lots start from €2.5 million.

The portfolio includes AIB bank branches in Ranelagh, Donnybrook, Sandymount, Artane, Dame Street, Crumlin, Dundrum, O’Connell Street, Dun Laoghaire, Drumcondra, Tallaght and Stillorgan. The buildings all occupy high profile prime positions in their respective locations with both O’Connell Street and Dame Street in particular offering striking properties of scale and architectural significance. All properties are maintained extremely well maintained by AIB’s dedicated Estates Management team.

Given the prime locations of the assets the properties lend themselves to potential future alternative uses in the event that the landlord secures vacant possession, with some of the buildings offering significant development potential. Obvious assets of this kind include, Ranelagh, Dame Street and Sandymount.

The portfolio is likely to appeal to a broad cross-section of investors from funds to private investors with individual properties producing rent roles between €159K – €590K per annum and ranging in size from approx. 350 sq.m. – 1,900 sq.m.

Knight Frank are optimistic stating “With Ireland’s continuing upward economic trend along with a wider global upswing we can expect to see the re-entrance of international banks into the Irish market as improving margins make establishing in Ireland attractive. KBC bank are investing €125 million in the expansion of its branch network in Ireland and expects to open four new branches by the end of this year, while Lone Star have recently acquired a bank licence. All these factors will underpin the viability and draw to a retail banking portfolio of this quality.”

For more information contact Ross Fogarty of Knight Frank at 01 634 2466 or ross.fogarty@ie.knightfrank.com

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