Transaction is largest single CMBS acquisition in Ireland in current
economic cycle
BEVERLY HILLS, Calif.--(BUSINESS WIRE)--Jul. 24, 2013--
International real estate investment and services firm Kennedy
Wilson (NYSE: KW) today announced that the company and its
partner completed the purchase of a portfolio of 14 properties for €306
million. The company and its partner each contributed €60 million of
equity in the transaction, and Bank of Ireland provided €199 million in
financing.
Mary Ricks, president and CEO of Kennedy Wilson Europe, commented, “This
portfolio is one of the highest quality portfolios to trade in Ireland
in the current cycle, with an excellent spread of core income assets and
some unique, well located, value-add asset management opportunities.”
“This transaction represents a further commitment on the part of Kennedy
Wilson to the Irish market,” added Peter Collins, managing director of
Kennedy Wilson Europe. “The portfolio includes many first class assets
with a strong tenant roster, including Bank of Ireland, KPMG, Marks &
Spencer and Mason Hayes & Curran.”
The portfolio value is represented by 64% office and 36% retail asset
types, with six properties representing 93% of the total portfolio
value. The majority of the properties are located in Dublin 2 or Dublin
4, and only one asset is situated outside of Dublin.
Paul McDonnell, Head of Property Finance, Bank of Ireland Corporate
Banking, stated, “We are delighted to support Kennedy Wilson and its
partner in this important acquisition. The Opera portfolio represents
the most significant transaction in the Irish property market for many
years and highlights the continuing recovery of the sector and the wider
economy. We look forward to supporting growth in the sector and we
remain committed to leading the way in supporting domestic and
international investment in the property market.”
Kennedy Wilson, together with its institutional partners, has acquired
approximately $2.0 billion of real estate and real estate related debt
globally since the beginning of 2013. The company and its partners’ real
estate acquisitions in Ireland now total $1.2 billion.
About Kennedy Wilson
Founded in 1977, Kennedy Wilson is an international real estate
investment and services company headquartered in Beverly Hills, CA with
24 offices in the U.S., U.K., Ireland, Spain 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
VP of Corporate Communication
(310)
887-6294
[email protected]
www.kennedywilson.com