Kennedy Wilson buys EUR 1.6b foothold in Europe

New York-listed real estate investment firm Kennedy Wilson has acquired Bank of Ireland Real Estate Investment Management (BOI REIM), a business that manages commercial real estate on behalf of the bank's clients.

The acquisition of BOI REIM is Kennedy Wilson's first purchase of an Irish and European business and will add EUR 1.6 bn of real estate assets under management, primarily in Western Europe, to the company's $7.4 bn (EUR 8.3 bn) of investment assets throughout the US and Japan.

The acquisition, carried out in conjunction with BOI REIM's senior management, will see the establishment of a new entity, Kennedy Wilson Europe. The company will operate from Dublin and London and serve as the base for Kennedy Wilson to develop its asset management and real estate investment business throughout Europe.

William McMorrow, chairman and CEO of Kennedy Wilson, commented, 'Building on our success and reputation in the management of real estate investments in the US and Japan, Kennedy Wilson has identified opportunities for growth throughout Europe including an initial focus on Ireland.

'Kennedy Wilson has a successful history of building long term business operations in new geographic markets and a reputation for finding value added investment opportunities. We have worked with financial institutions through all real estate cycles in Japan and the US and we look forward to working with the European banks and financial institutions.'

Peter Collins, managing director of BOI REIM, will head the new entity as managing director of Kennedy Wilson Europe.

Bank of Ireland has retained Kennedy Wilson Europe to continue to manage the current portfolio.

Founded in 1977, Kennedy Wilson is an international real estate investment and services company headquartered in Beverly Hills, California with 23 offices in the US, Europe and Japan.