AIB is to sell its bank centre property in Ballsbridge, Dublin, for €377.7m cash in a sale and leaseback deal.

The property has been sold in two lots to property developer Sean Dunne and Hibernian Life and Pensions and will be leased back to AIB over 20 years.

AIB said the initial rent per annum would be €11.6m, subject to five-year reviews.

AIB said it expects the cost to be more than offset by savings and by the benefits derived from the use of the capital.

Earlier this year AIB sold part of its bank centre site at Ballsbridge to the Serpentine Consortium for €367.75m, as part of a sale and leaseback deal.