Northern Ireland

Ulster Bank abandons plans to sell and lease back two main properties

Ulster Bank
Image caption Ulster Bank is the third-largest bank in Ireland

Ulster Bank has abandoned plans to sell and lease back its main Belfast properties at Donegall Square and Danesfort.

The bank is understood to have received several offers above the asking price.

It has not commented on why it pulled the sale.

However, it is believed the bank may have concluded that, with a recovering property market, it made sense to retain the buildings for the longer-term.

The Donegall Square property, which is its NI headquarters, was on the market for £19.4m.

The Danesfort offices on the Stranmillis Road were valued at over £8m.

Both Allied Irish Bank and Bank of Ireland have sold and leased back substantial parts of their branch networks and headquarters.

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