Global real estate investment company Kennedy Wilson and international investment giant AXA Investment Managers – Real Assets (AXA IMRA) have struck deals to secure a 50% stake each in Dublin's Capital Dock campus.
Kennedy Wilson upped its existing stake from 42.5%, while AXA IMRA simultaneously acquired the remaining outstanding shares in the project from two other investors. These deals included the adjoining State Street building. One of the vendors was Irish 'bad' bank NAMA, which divested its 15% stake.
Kennedy Wilson said its share in the State Street building will be maintained at 50% and Kennedy Wilson will continue to act as asset manager for the entire mixed-use campus.
According to Kennedy Wilson, Capital Dock is one of the largest, single-phase developments ever built in Ireland. The mixed-use campus includes two newly developed office buildings totalling 216,000 ft2 (20,000 m2), the 175,000 ft2 class A State Street building, the 190-unit Capital Dock Residence, approximately 26,000 ft2 of retail and restaurants and 1.5 acres (6,000 m2) of public space.
Kennedy Wilson delivered the scheme at the end of 2018, and said it had secured key lease deals on the offices and apartments. JP Morgan has secured space for its European headquarters, while tech firm Indeed is also a major tenant. The project will also welcome new retailers in the coming year, including a flagship restaurant and bar with a terrace, a gourmet grocer and additional food and beverage offerings.
'Capital Dock is a cornerstone development in Kennedy Wilson’s portfolio and demonstrates our long-term commitment to Dublin and our determination to play our part in bringing much-needed commercial and residential accommodation to the Docklands,' said Peter Collins, president of Kennedy Wilson Europe.
'We are therefore delighted to extend our relationship with AXA IM – Real Assets, an experienced global portfolio and asset manager, to such an important urban quarter for Dublin,' Collins concluded.
