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 26 April 2006
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 RELEASE 26 APRIL, 2006
Allied Irish Banks, p.l.c.
Existing Bankcentre Property (excluding New Bankcentre Development)
Allied Irish Banks, p.l.c. ("AIB") (NYSE: AIB) today announces that is has
entered into certain transactions in relation to its Existing Bankcentre
property (excluding the New Bankcentre Development) at Ballsbridge, Dublin 4.
The property has been sold in two lots, to Hibernian Life and Pensions Limited
and to Sean Dunne. These purchasers were selected following an open market
tender process.
The total sum to be paid for the purchase of the properties is EUR377.7 million
in cash.
The Existing Bankcentre comprises of eight adjoining office blocks. The front
four Blocks and adjoining land are to be bought by Sean Dunne and will be leased
back to the AIB Group on a 20-year lease, with a break clause exercisable by
either party after four years and eleven months. The remaining property to be
bought by Hibernian Life and Pensions Limited, will be leased to the AIB Group
for a period of 20 years. The initial annual rent payable on both lots by the
tenant will be EUR11.6 million per annum and will be subject to adjustment in
subsequent five year rent reviews. It is anticipated that the cost will be more
than offset by savings and by the benefits derived from the use of the capital.
The capital benefit (i.e. the profit after taxation) to AIB generated from these
transactions is in the region of EUR230 million. AIB will reinvest the capital
from the transactions in its core banking business and the transactions are
expected to complete during the second quarter of 2006.
-ENDS-
For further information please contact:
Alan Kelly Ronan Sheridan
General Manager, Group Finance Group Press Officer
AIB Group AIB Group
Bankcentre Bankcentre
Ballsbridge Ballsbridge
Dublin 4 Dublin 4
Tel: +353-1-6600311 ext. 12162 Tel: +353-1-6600311 ext. 14651
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 26 April 2006 By: ___________________
John O'Donnell
Group Director, Finance,
Risk and Enterprise
Technology
Allied Irish Banks, p.l.c.