Allied Irish Bank (GB) is to take 6,000 sq ft (557 sq m) at MEPC’s vacant 45,000 sq ft (4,180 sq m) Callaghan Square building in Cardiff.
It will be the first deal completed at the company’s flagship Callaghan Square scheme since law firm Eversheds acquired 95,000 sq ft in December 2001.
The investment was subsequently bought by Standard Life last year for £23m.
The company has outline planning consent for a total of 540,000 sq ft (50,166 sq m) at Callaghan Square.
AIB has acquired space in an adjoining building that has been retained by MEPC.
The bank is understood to have agreed similar terms to Eversheds, which settled on £18.50 per sq ft (£199 per sq m) on a 20-year lease.
Fletcher Morgan acted for AIB (GB), whose existing branch is in Newport Road, while Knight Frank acted for MEPC.
References: EGi News 16/03/04
