Kennedy Wilson Europe Real Estate is acquiring a shopping centre in Dundalk, Ireland and a loan portfolio secured by Irish assets for a combined €120 mln.
Kennedy Wilson Europe Real Estate is acquiring a shopping centre in Dundalk, Ireland and a loan portfolio secured by Irish assets for a combined €120 mln.
Under an agreement with Ulster Bank Ireland, Kennedy Wilson is buying the Elliott loan portfolio secured against a portfolio of 13 real estate assets for a total sum of €75 mln. These assets, comprising primarily offices, industrial, retail and residential properties, form part of RBS Capital Resolution.
Kennedy Wilson said the assets have significant asset management opportunities to add value and maximise income. The acquisition is expected to complete in early September.
In addition, the US investor is acquiring the Marshes Shopping Centre from Marshes Shopping Centre Limited for €44.5 mln.
Completed in 2005, the Marshes Shopping Centre comprises 39 retail units and a food court, and is currently 93% let to a range of national retailers. The acquisition is expected to complete at the end of August 2014.
Kennedy Wilson Europe Real Estate is an LSE-listed, closed-end investment fund that invests primarily in real estate and real estate loans in Europe, initially in the UK, Ireland and Spain, and other European countries on an opportunistic basis. The company is externally managed by Beverly Hills, California-based Kennedy Wilson.