AIB to sell its Polish property fund management subsidiary and its interests in the Polonia Property Funds
2nd April 2012
11:15
Allied Irish Banks, p.l.c. ("AIB") today announces that it has signed an agreement to sell its Polish property fund management subsidiary, AIB PPM sp. z o.o., and AIB Holdings Limited, a Guernsey subsidiary, to Peakside Capital.
Agreements have also been signed to dispose of AIB’s 9.87% interest in Polonia Property Fund LP and 7.5% interest in Polonia Property Fund II Limited, to Peakside Capital and Partners Group, on a 50:50 basis. The sales proceeds for the entire transaction is undisclosed.
Goodbody Corporate Finance advised AIB on the transaction and the acquisition is expected to be completed during the third quarter of 2012.
Completion of the transaction is conditional upon obtaining certain regulatory approvals and other consents. The positive impact on AIB's capital position as a result of the transaction is not material.
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For further information, please contact:
Alan Kelly
Director of Corporate Affairs & Marketing
AIB Group
Bankcentre
Ballsbridge
Dublin 4
Tel: +353-1-641 2162
or
Niamh Hennessy
Media Relations Manager
AIB
Bankcentre
Ballsbridge
Dublin 4
Tel: +353-1-77 21382
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