AIB has bought a Polish shopping centre for €45 million. The bank's AIB Polonia Property Fund II - a €800 million fund managed by the bank's capital markets division - has bought the Fashion House Outlet Centre in Piaseczno near Warsaw.
The centre's tenants include Nike, Adidas, Levi, Puma and Reebok. The centre, the third phase of which is still being built, will comprise 125 shops and 960 parking spaces when complete.
The centre opened in 2005 and the first two of three phases of building work are completed.
The AIB fund is seeking additional property investments in Poland and other central and eastern European countries.
AIB has also just launched another property venture, the Amethyst Property Fund, with investor Pat Conlan that will invest up to €120 million in commercial property in Germany.
The bank is hoping to raise up to €40 million from investors for the Amethyst fund and will add as much as €80 million in debt.
Conlan, an accountant, is investing €3 million. He is a brother of Jerry Conlan, the developer behind the Mount Carmel Hospital Group (formerly Harlequin Healthcare Group).
Amethyst has already spent €40 million on four shopping centres - in Kiel, Hamburg, Gifhorn and Magdeburg. The properties will be managed by a company called Rowan Europe, which is owned by Conlan, Nick Jacobs and Paul Huberman. Rowan is said to manage properties valued at more than €700 million.
