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BoI portfolio hits the market

By James Buckley - Thursday, February 08, 2018 12:06

The Layden Group, is to dispose of a portfolio of 17 Bank of Ireland branches with a combined annual income of €2.29m.

The Primacy Portfolio is being jointly marketed by Murphy Mulhall and Cushman & Wakefield with a guide price of €28.5m for the entire portfolio, although offers for multiple lots will also be considered. 

The portfolio provides blended net initial yield of 7.4% - a considerably better yield than recent, one off individual bank branch sales.

All but two of the Leases have in excess of 14 years unexpired term remaining alongside an excellent covenant in Bank of Ireland and attractive lot size and the portfolio offers a quality long-term dry investment.

The branches are situated in Ardee, Arklow, Athy, Ballina, Ballyfermot, Raheny, Skerries, Edenderry, Fermoy, Longford, Mallow, Roscommon, Loughrea, Enniscorthy, Roscrea, Whitehall and 94 O ‘Connell Street Limerick.

All branches are held on 25-year upward only leases from July 2007 with no break options except on Whitehall and Limerick which are due to expire in 2022.

The disposal is in line with The Layden Group’s strategy to focus on development opportunities and will continue to rebalance its portfolio during 2018.

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