UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
under the Securities Exchange Act of 1934
For the date of 29 July, 2005
ALLIED IRISH BANKS, public limited company
Bankcentre, Ballsbridge, Dublin 4, Republic of Ireland
Indicate by check mark whether the registrant files or will file annual reports
under cover of Form 20-F or Form 40-F.
Form 20-F..X... Form 40-F.....
Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes ..... No ..X...
If "Yes" is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2(b): 82- ________
FOR IMMEDIATE DELIVERY 29 JULY 2005
Allied Irish Banks, p.l.c.
New Bankcentre Development
Allied Irish Banks, p.l.c. ("AIB") (NYSE: AIB) today announces that it has
completed certain transactions in relation to part of its Bankcentre site (the
site) at Ballsbridge, Dublin 4.
The site has been sold to the Serpentine Consortium, a syndicate of private
individuals and companies assembled by AIB Private Banking and Goodbody
Stockbrokers. The Serpentine Consortium was selected following an open market
competitive bidding process.
Separately the Serpentine Consortium has engaged Blogram Limited, a subsidiary
of AIB, to develop the site.
The total sum to be paid by the Serpentine Consortium for the purchase and
subsequent development of the site is EUR367.75 million in cash. The book value
of the site is EUR1.2 million.
The development will extend to a total area of 324,766 square feet. Upon
completion, it is intended that the development will be let to a company in the
AIB Group for a period of up to 31 years under a lease with a break clause,
exercisable by the tenant after 23 years. The initial annual rent payable by the
tenant will be EUR16.117 million per annum and will be subject to adjustment in
subsequent five year rent reviews. It is anticipated that this cost will be more
than offset by savings on rent and other costs elsewhere.
The capital benefit (i.e. the profit after taxation) to AIB generated from the
transactions is in the region of EUR160 million. This benefit will be derived
over 3 years, beginning in 2005. AIB will reinvest the proceeds of the
transactions in its core banking business.
-ENDS-
For further information please contact:
Alan Kelly Catherine Burke
Head of Group Investor Relations Head of Corporate Relations
AIB Group AIB Group
Bankcentre Bankcentre
Ballsbridge Ballsbridge
Dublin 4 Dublin 4
Tel: +353-1-6600311 ext. 12162 Tel: +353-1-6600311 ext. 13894
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorised.
ALLIED IRISH BANKS, p.l.c.
(Registrant)
Date 29 July, 2005 By: ___________________
Gary Kennedy
Group Director, Finance,
Risk and Enterprise
Technology
Allied Irish Banks, p.l.c.