Bank of Ireland may sell off £120m UK property portfolio

Bank of Ireland is considering the possibility of outsourcing its entire £120m UK property portfolio, after failing to acquire Abbey National last year. It has appointed property services firm, Nelson Bakewell, to investigate options for the 200-strong portfolio, including 131 branches of Bristol & West.

Ted Pearce, the bank´s new Head of UK Property who instigated the initiative, commented: 'We want to make sure what we are doing in is line with best practices. We are therefore reviewing the whole UK portfolio.'

In May, Bank of Ireland sold 60 branches for approximately £25m at auction, and leased them back for 15 years.

The bank is expected to outsource the rest of its UK portfolio, which would include a sale-and-leaseback of all the properties to one company, which would then supply all the facilities management services as part of a 30-year deal.

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