Privately-held property firm Leyden Group paid EUR 94 mln for 29 Bank of Ireland branches and a call centre at an initial yield of 3.9%. The properties will be leased back to the Irish bank with 15-year breaks. The annual income from the deal is EUR 4.6 mln, with a 15% uplift at the first review or an increase in open-market rental increase. The transaction marks the bank’s fourth sale-and-leaseback deal.

Privately-held property firm Leyden Group paid EUR 94 mln for 29 Bank of Ireland branches and a call centre at an initial yield of 3.9%. The properties will be leased back to the Irish bank with 15-year breaks. The annual income from the deal is EUR 4.6 mln, with a 15% uplift at the first review or an increase in open-market rental increase. The transaction marks the bank’s fourth sale-and-leaseback deal.

Separately, Bank of Ireland said it hired CB Richard Ellis, which also brokered the sale-and-leaseback deal, to look for a new head office in Dublin. The bank sold its existing HQ last year to Quinlan Private and Paddy Shovlin in another sale-and-leaseback deal, and expects ther lease to continue for the next two years or so. The new HQ will have to house more than 1,000 employees, the bank said