Kennedy Wilson has completed the acquisition of a UK real estate loan portfolio from Bank of Ireland for $1.8 bn (EUR 1.3 bn). This is the largest European real estate loan portfolio acquisition completed in the current cycle, Kennedy Wilson said, citing research by Ernst & Young.
Kennedy Wilson has completed the acquisition of a UK real estate loan portfolio from Bank of Ireland for $1.8 bn (EUR 1.3 bn). This is the largest European real estate loan portfolio acquisition completed in the current cycle, Kennedy Wilson said, citing research by Ernst & Young.
A majority of the loans are secured by high quality, London-based office, multifamily and retail properties. The purchase occurred in two phases, with $1.4 bn closed on 21 October and $400 mln closed on 5 December.
Kennedy Wilson, a New York-listed real estate investment firm, established a European presence in June when it acquired Bank of Ireland Real Estate Investment Management (BOI REIM), a business that managed EUR 1.6 bn of commercial real estate on behalf of the bank's clients.
Commenting on the completion of the latest loan acquisition, Mary Ricks, executive vice chair of Kennedy Wilson, said: 'We have been able to add key members to our team of talented and experienced executives in Europe who are dedicated to developing and growing our platform.'
Kennedy Wilson now has about $4.5 bn (EUR 3.3 bn) of assets under management in Europe as well as 18 professionals in Dublin and London.
