AIB is preparing to put its headquarters building in the Bankcentre complex on the market for a sale and leaseback deal that could value the premises at more than €350 million.
The bank's chief spokeswoman declined to make any comment on the preparations, which come just six months after AIB said it would realise a profit of some €160 million over three years on a similar sale of a major development project to extend the Ballsbridge complex.
It is understood that the bank's staff will not be vacating the Bankcentre office blocks after the transaction. Instead, the bank will lease the buildings back from the buyer under a long-term arrangement.
AIB's private banking unit and its stockbroking subsidiary, Goodbody, assembled the group that bought the development site last year after a public tender managed by Jones Lang LaSalle. Known as the Serpentine consortium, its membership has never been publicly disclosed.
The leaseback commitment and the steep valuations fetched last year by the Jurys hotels and UCD veterinary college site suggest there will be strong interest in the headquarter buildings.
While developer Seán Dunne set records by paying €57-€58 million per acre for the Jurys sites, those prices were easily surpassed by developer Ray Grehan who paid the OPW almost €84 million per acre for the 2.05-acre UCD property.
About eight groups bid last year for the original deal. With no end in sight to the flood of Irish money into the international property markets, there is likely to be strong interest in the Bankcentre site.
