Tuesday 20 November 2018

AIB walks away from HSQ deal

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Stock image
Donal O'Donovan

Donal O'Donovan

AIB has walked away from a potential deal to lease space for hundreds of its workers at the Heuston South Quarter (HSQ) office campus in Dublin city centre.

The Irish Independent understands the State-owned bank had been close to signing an agreement for offices at the Kilmainham scheme, before with-drawing from negotiations two weeks ago.

The bank's decision not to proceed with a deal is understood to have been informed by efforts on the part of HSQ's owners to increase the rent that would be payable under the terms of the proposed lease.

Asked for comment on the matter, a spokesman for AIB said: "As part of normal operations we continually review our property options.

"In 2017, we announced two new locations for AIB in Dublin; Central Park in Leopardstown, which will be ready in 2018 and 10 Molesworth St, in Dublin 2, which will be ready in 2019.

"No other property agreements have been signed concerning our Dublin estate."

The spokesman yesterday declined to comment on AIB's discussions in relation to HSQ.

The bank's advisor on the potential deal, JLL, did not return calls seeking comment.

AIB's need for space comes as a result of its decision to relocate from its current headquarters in Ballsbridge.

That move is likely to free up the AIB Bankcentre lands for redevelopment as a new EMEA headquarters for Facebook.

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