Kennedy Wilson Completes and Refinances Phase II of 845-Unit Clancy Quay Development in Dublin, Ireland
Seven-year Loan Carries Fixed Interest Rate of 2.03%
BEVERLY HILLS, Calif.--(BUSINESS WIRE)--
Global real estate investment company Kennedy
Wilson (NYSE: KW) (“KW”) announced that the company and its equity
partner have refinanced the existing construction loan on Phase II of
Clancy Quay. When complete, Clancy Quay will include 845 units within a
high-end multifamily community on the southern banks of the River Liffey
in Dublin, Ireland at the historic site of Clancy Barracks. The loan was
secured following full delivery of Phase II.
The new €45 million loan carries a fixed-rate of 2.03% maturing in 2025,
generating €7 million in cash proceeds. Construction of Phase II of
Clancy Quay was completed in summer 2017 and it is expected to be
stabilized by Q1 2018.
“We are pleased to obtain favorable fixed-rate financing following the
completion and active lease up of Phase II at Clancy Quay,” said Mary
Ricks, President and CEO of Kennedy Wilson Europe. “With over 230 basis
points in cost savings, the new loan will enable us to maximize property
cash flow as we work to complete the largest apartment community in
Ireland. Kennedy Wilson’s multifamily portfolio now includes 2,000 units
in Ireland and we remain committed to investing and growing that
portfolio for the long-term.”
Acquired by Kennedy Wilson in 2013, Clancy Quay consists of three
phases. The first phase is comprised of 423 fully furnished units and
Phase II includes an additional 163 new apartments, townhouses and
courtyard houses with high-end interior design finishes, modern kitchens
and generous balconies/terraces.
Kennedy Wilson has secured planning approval for the project’s 2.8-acre
Phase III that will consist of a total 259 new units expected to be
complete in 2020. Thirteen of the units in Phase III are currently under
construction and will be available in Q1 2018. Once all phases are
complete in 2020, Clancy Quay will be the largest apartment community in
Ireland with 845 total units.
Residents of Clancy Quay have exclusive access to luxurious amenities,
including a state-of-the-art gym, cinema room, game room and chef-style
kitchen for events. Clancy Quay is located near Phoenix Park as well as
several transportation links including LUAS light rail access at the
nearby Heuston Station and Dublin bus routes.
About Kennedy Wilson
Kennedy Wilson (NYSE:KW) is a global real estate investment company. We
own, operate, and invest in real estate both on our own and through our
investment management platform. We focus on multifamily and commercial
properties located in the Western U.S., UK, Ireland, Spain, Italy and
Japan. To complement our investment business, the Company also provides
real estate services primarily to financial services clients. For
further information on Kennedy Wilson, please visit: www.kennedywilson.com.
Special Note Regarding Forward-Looking Statements
Statements in this press release that are not historical facts are
“forward-looking statements” within the meaning of U.S. federal
securities laws. These forward-looking statements are estimates that
reflect our management’s current expectations, are based on assumptions
that may prove to be inaccurate and involve known and unknown risks.
Accordingly, our actual results or performance may differ materially and
adversely from the results or performance expressed or implied by these
forward-looking statements, including for reasons that are beyond our
control. For example, we may not be able to maintain our current
acquisition or disposition pace or identify future properties to acquire
on terms we consider attractive, and our current property portfolio may
not perform as expected. Accordingly, you should not unduly rely on
these statements, which speak only as of the date of this press release.
We assume no duty to update the forward-looking statements, except as
may be required by law.
KW-IR

View source version on businesswire.com: http://www.businesswire.com/news/home/20171027005171/en/
Kennedy Wilson
Investors
Daven Bhavsar, +1 310-887-3431
CFA
Director
of Investor Relations
[email protected]
or
Media
Emily
Heidt, +1 310-887-3499
Director of Public Relations
[email protected]
Source: Kennedy Wilson