Kennedy Wilson and AXA IM - Real Assets Complete €161 Million PRS Acquisition in Ireland
PRS JV Expands to over 1,850 Units with Strong Development Pipeline
BEVERLY HILLS, Calif.--(BUSINESS WIRE)--
Global real estate investment company Kennedy
Wilson (NYSE: KW) and AXA Investment Managers - Real Assets (“AXA IM
- Real Assets”), a global leader in real asset investments and the
leading(1) real estate portfolio and asset manager in Europe,
acting on behalf of its clients, announce that their Irish private
rented sector (“PRS”) joint venture (“the Joint Venture”) has completed
the acquisition of 274 units and a four-acre development site at the
Grange, in the South Dublin suburb of Sandyford. The purchase was made
from Grant Thornton Receiver, on behalf of the National Asset Management
Agency (“NAMA”) for €161 million.
This press release features multimedia. View the full release here:
https://www.businesswire.com/news/home/20181029005059/en/

The Grange (Photo: Business Wire)
The Joint Venture anticipates substantially growing the unit count
across the four-acre development site to meet the strong demand in
Sandyford, a prime employment hub with great connections to public
transport in and around Dublin. Sandyford boasts more than 1,000
companies, including the top technology, financial and industrial firms.
Subject to planning permission, expected to be submitted in Q1-2019, the
Joint Venture aims to develop both additional PRS units and Kennedy
Wilson’s signature resident amenities, to include a gym, lounge area,
business centre and an on-site management office. Construction is
expected to begin next year with new units and the resident amenities
delivered in 2021.
Kennedy Wilson also recently sold a 50% interest in three wholly-owned
assets totaling 411 units to AXA IM – Real Assets, at Liffey Trust and
North Bank in Dublin’s North Docks sub-market and the Elysian, a premium
PRS project in Cork, Ireland. These units are a part of the Joint
Venture, which now totals more than 1,850 existing units with the
potential to add in excess of 1,000 units in currently owned future
development sites.
Peter Collins, President of Kennedy Wilson Europe, said: “The
Grange complements the Joint Venture’s portfolio of market leading,
high-quality PRS projects. We aim to fulfill the market’s demand for
professionally managed, prime units with first-rate amenities,
delivering strong NOI growth through our asset management plans across
the existing units and our ambitious development plans on the adjoining
site. This puts Kennedy Wilson on track to meet our target of 5,000 PRS
units, including those under management and on behalf of the Joint
Venture, solidifying our position as one of the top PRS landlords in
Ireland.
“The Joint Venture portfolio has grown almost 60% by existing unit
numbers, since completion just under four months ago, with a promising
pipeline of developments and further acquisition opportunities. The
Irish PRS market continues to be underpinned by attractive fundamentals,
including strong employment growth, desirable demographics and positive
economic indicators. We remain confident in our ability to deliver a
pipeline of top quality PRS projects with appealing local amenities,
good public transport and the potential to deliver great homes for
residents.”
(1) Source: INREV/ANREV Fund Manager Survey – May 2018 – in terms of
assets under management
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 office
properties located in the Western U.S., UK, and Ireland.
For further information on Kennedy Wilson, please visit: www.kennedywilson.com
KW-IR
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. Also, there can be no assurance that we will
complete any transactions that are under currently contract.
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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20181029005059/en/
Kennedy Wilson
Investors
Daven Bhavsar, CFA
Director
of Investor Relations
+1 (310) 887-3431
[email protected]
or
US
media
Emily Heidt
Director of Public Relations
+1
(310) 887-3499
[email protected]
or
European
media
FTI Consulting
Dido Laurimore / Tom Gough / Eve
Kirmatzis
+44 20 3727 1000
[email protected]
Source: Kennedy Wilson