Kennedy Wilson Acquires 124-Unit Northbank Apartments in Dublin, Ireland for €45 Million
BEVERLY HILLS, Calif.--(BUSINESS WIRE)--
Global real estate investment company Kennedy
Wilson (NYSE: KW) announces that it has acquired Northbank
Apartments, a wholly-owned 124-unit apartment community in Dublin’s
North Docks, for €45 million from Jarmar Properties Limited (In
Receivership) acting through David Carson of Deloitte as Statutory
Receiver, the lender being the National Asset Management Agency (“NAMA”).
Situated in Dublin’s North Docks, Northbank is located just 50 meters
from Kennedy Wilson’s existing 84-unit Liffey Trust apartments. The two
buildings benefit from great transport links as the LUAS Red line is
immediately adjacent connecting to Dublin’s city centre and main train
stations in five minutes.
“The successful acquisition of Northbank in such close proximity to our
Liffey Trust asset allows us to leverage our existing presence and
implement our value-add asset management strategy, including adding
onsite management and amenities to serve both properties. We believe we
have a great opportunity to grow our near-term NOI by undertaking
additional refurbishments to enhance Northbank’s rental growth
prospects,” said Mary Ricks, President and CEO of Kennedy Wilson Europe.
“We are particularly pleased to secure Northbank as one of the few
remaining unbroken 100+ unit multifamily assets left to trade in Dublin.
The North Docks is a rapidly expanding sub market where we want to grow
our footprint. This is all part of our exciting plans to more than
double our multifamily business in Europe to 5,000 units over the next
few years,” added Ricks.
Completed in 2007, Northbank includes 31 one-bedroom, 64 two-bedroom and
29 three-bedroom apartments (of which 75% are occupied or with leases
agreed), secure underground car parking and 16,000 sq ft of currently
vacant retail space. It benefits from significant development in the
area, with nearly 2 million sq ft of new office buildings either under
construction or planned for this sub-market.
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

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Investors:
Kennedy Wilson
Daven Bhavsar, CFA
Director
of Investor Relations
+1 (310) 887-3431
[email protected]
or
Media:
United
States
Kennedy Wilson
Emily Heidt
Director of Public
Relations
+1 (310) 887-3499
[email protected]
or
Ireland
Q4
Public Relations
Martin Mackin
+353 1 475 1444
[email protected]
or
UK
FTI
Consulting
Dido Laurimore / Tom Gough
+44 20 3727 1000
[email protected]
Source: Kennedy Wilson