AIB to sell its Polish property business

AIB to sell its Polish property business

AIB is to sell its Polish property fund management subsidiary, AIB PPM, and AIB Holdings Ltd, a Guernsey subsidiary, to Peakside Capital.

The bank said that agreements have also been signed to sell 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.

The deal is expected to be completed during the third quarter of 2012 and it is conditional upon receiving certain regulatory approvals.

”The positive impact on AIB’s capital position as a result of the transaction is not material,” a statement from the bank said.

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