Kennedy Wilson and its equity partners have paid €36.3m for the mixed-use Half Moon Street asset in Cork, Ireland.
Half Moon Street, which was completed in 2009, provides 120,000sqft of space, overlooking the River Lee.
The building is split between 56,000sqft of office and 63,000sqft of retail space let to two tenants.
Peter Collins, president of Kennedy Wilson Europe, said: “This attractive acquisition adds a high-quality, well-located mixed-use asset to our Cork portfolio at a significant discount to replacement cost and represents a renewed commercial presence for Kennedy Wilson in the city.
“We are excited by the potential for value-enhancing asset management angles and are confident in Cork’s fundamentals as a top European city, underpinned by its lower occupancy costs relative to Dublin, strong connectivity both for travel and telecoms and future growth prospects.”
