Kennedy Wilson has extended its residential offering in Ireland by acquiring a multifamily asset from real estate funds managed by Blackstone.
The New York-listed real estate investment company said it bought the Elysian in Cork for €87.5m.
The asset comprises 206 multifamily/private rented sector (PRS) units with 67,600sqft of retail and office space over 550 car parking spaces.
The residential element is 98% leased and the commercial space is 61% leased, Kennedy Wilson said.
Mary Ricks, the president and CEO of Kennedy Wilson Europe, said: “We see good near-term and medium-term prospects to grow net operating income by leasing up the vacant commercial space and implementing the Kennedy Wilson Residential package of amenities to drive unit rental growth.
“The Elysian is an excellent first entry for our multifamily business into Cork; it has virtually no residential projects in direct competition. The same strong fundamentals across the Dublin multifamily/PRS market exist in Cork and we see exciting future opportunities to continue investing in both markets with a goal to double our PRS portfolio in the next few years.”