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AIB selling €500m of UK property loans

STATE-owned AIB has put a 'for sale' sign on €500m of UK commercial property loans, reports have indicated.

It's understood that AIB has hired US banking giant Citigroup to find a buyers for the portfolio.

Last year the Central Bank ordered AIB to sell "non-core assets" with a face value of €20bn by the end of 2013, following a review. The bank disposed of €12.7bn of "non-core assets" in 2011, out of the €20bn target. Bank of Ireland was ordered to sell €10bn of assets at the same time.

Separately, NAMA is close to finalising a deal to sell the ¤120m UK property empire put together by developer Gerry Gannon, according to Savills, the agent for the sale.