Galway Advertiser 2006/2006_10_19/GA_1910_E1_006.pdf 

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6 N E W S

www.galwayadvertiser.ie

October 19 2006

Landmark Bank of Ireland buildings sold in massive commercial transaction
Bank not going public with individual sales figures
BY JULIE TIERNEY Bank of Ireland's Eyre Square, Mainguard Street, and Ballinasloe branches were among 36 branches successfully sold in a deal thought to be one of the country's largest commercial investment transactions. The porfolio, which carried a guide price of 237.5m, was placed on the market for sale by tender in one or more lots in September with a tender date of October 4 through agents CB Richard Ellis. Thirty-six of the bank's more than 270 branches were involved in the transaction including 13 branches in Dublin plus key provincial centres including Galway, Cork, Limerick, and Waterford. Officials at the bank and its agents declined to provide a breakdown on individual transactions or to give details on how many investors were involved but confirmed the sale and leaseback of the entire portfolio was successfully agreed on Tuesday. Bids were made on the entire portfolio, individual properties within it, and on mini-portfolios, according to CBRE, which developed a website (www.cbreboi.com) to cater for the high level of interest in the porfolio. The bank's media relations manager Anne Mathews told the Galway Advertiser the sale collectively exceeded the guide price. "We are not in a position to release details on individual properties but I can confirm that the total sale price exceeded the guide price producing a range of yields on the individual properties from 2.6 per cent to 3.7 per cent with average for Dublin properties at three per cent." The entire porfolio produces an annual rent of 8.6m a year and the properties are let under all new 25 year leases with five yearly upward only rent reviews. The bank's flagship Galway branch at 43 The Eyre Square, which underwent a 4 million refurbishment in 20022003, was expected to make at least 16.7 million (rent: 577,004) in the sale. A listed building and a renowned landmark in Eyre Square, it has been occupied by Bank of Ireland since 1830. Architect James Cusack originally designed the building on the site of the old corn and potato market while the latest refurbishment was undertaken by Douglas Wallace architects under the direction of Bank of Ireland Group architects and facilities department. The branches at Mainguard Street and Ballinasloe had guide prices of 5.03m and 5.3m respectively.

St James' captain Padraic Egan lifts the John C McHugh Memorial Minor Cup after his team defeated Annaghdown in the Minor A Football Championship final at Pearse Stadium on Sunday. See sport for report. Photo:-Mike Shaughnessy.

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