Company purchases 210-unit multifamily property in Gasworks estate
BEVERLY HILLS, Calif.--(BUSINESS WIRE)--Jun. 6, 2012--
International real estate investment and services firm Kennedy
Wilson (NYSE: KW) today announced the acquisition of the
Alliance Building, a 210-unit apartment building in Dublin, Ireland. The
company and partner Fairfax Financial purchased the property for €40
million from Grant Thornton, which acted as appointed receiver on behalf
of Ulster Bank.
Alliance Building in Dublin. (Photo: Business Wire)
“We are pleased to add this first-class property to our apartment
portfolio,” said Mary Ricks, president and CEO of Kennedy Wilson Europe.
“We are seeing significant opportunities in the residential space,
particularly in Ireland, and this transaction is a reflection of our
ongoing commitment to building our business there as well as other parts
The acquisition increases Kennedy Wilson’s multifamily portfolio to
ownership interests in 14,114 units throughout the U.S., Japan and
Ireland, including deals currently under contract.
“This is a positive story showing that large international buyers are
confident to invest in Ireland,” commented Joy McAdam, Global
Restructuring Group, Ulster Bank. “We are grateful to all parties
involved for how efficiently the deal was executed, and we are very
satisfied with the entire sales process.”
The Alliance Building is part of the larger Gasworks estate, which
comprises approximately 29,000 sqm of offices, 1,500 sqm of retail and
645 dwelling units. The property resides within the old gasometer, a
cylindrical, nine-story apartment block featuring a continuous glass
façade. Google’s European headquarters are adjacent to the property and
other area employers include Facebook, LinkedIn, HSBC and Accenture.
Additionally, Dublin’s city center is in close proximity and a nearby
train (DART) station offers convenient transportation links.
Peter Collins, managing director of Kennedy Wilson Europe, stated that
the company “will complete cosmetic upgrades to the building and brand
it as a Kennedy Wilson professionally managed property. We are excited
to bring our experience and expertise in the multifamily management
space to Dublin.”
About Kennedy Wilson
Founded in 1977, Kennedy Wilson is an international real estate
investment and services company headquartered in Beverly Hills, CA, with
23 offices in the U.S., Europe and Japan. The company offers a
comprehensive array of real estate services including auction,
conventional sales, property services, research and investment
management. Through its fund management and separate account businesses,
Kennedy Wilson is a strategic investor of real estate investments in the
U.S., Europe and Japan. For further information on Kennedy Wilson,
please visit www.kennedywilson.com.
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Source: Kennedy Wilson
Christina Cha, 310-887-6294