BEVERLY HILLS, Calif.--(BUSINESS WIRE)--Aug. 16, 2012--
International real estate investment and services firm Kennedy
Wilson today announced the acquisition of Brooklawn House, a Dublin
office property, for €15 million ($19 million). Kennedy Wilson’s
ownership equals 50%, and the property is being acquired with no debt
financing.
“We are very pleased to have closed our first office acquisition in the
Dublin market,” said Peter Collins, managing director of Kennedy Wilson
Europe. “We believe that a combination of improving demand, driven
mainly by international tenants, and the lack of any significant
development pipeline in the city, will lead to a strong level of rental
growth over the next several years.”
Brooklawn House is a 45,105 square foot office building located in the
Ballsbridge submarket of Dublin. The building is 100% leased to three
corporate and government tenants. The net operating income from the
property over the past twelve months was approximately €2.2 million
($2.7 million). The Ballsbridge submarket is less than two miles from
Dublin's Central Business District and historically has been one of the
best performing suburban office markets in the city.
Kennedy Wilson, together with its institutional partners, has acquired
approximately $6.5 billion of real estate and real estate related debt
since the beginning of 2010, including deals under contract. In Ireland,
Kennedy Wilson, along with institutional partners, recently acquired the
Alliance Building, a 210-unit apartment building in which the company
invested approximately $16 million and earlier this week closed the
acquisition of a real estate loan portfolio in which the company
invested approximately $7 million.
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., U.K., Ireland 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., U.K., Ireland and Japan. For further information on Kennedy
Wilson, please visit www.kennedywilson.com.
Source: Kennedy Wilson
Kennedy Wilson
Christina Cha
Director of Corporate
Communication
310-887-6294
[email protected]
www.kennedywilson.com