Kennedy Wilson JV buys Dublin residential scheme

Kennedy Wilson and an unidentified partner have carried out a large residential property investment transaction in the Irish capital.

The buyers took a 50% stake each in Clancy Quay overlooking the River Liffey in Dublin for a total of €82.5 mln in cash.

Savills had marketed the property on behalf of receivers Grant Thornton. The investment volume was higher than the guide price of €70 mln, which reflected a gross yield of 9% following completion.

Kennedy Wilson, a New York-listed real estate investor, intends to place debt financing on the property post-closing.

Mary Ricks, president and CEO of Kennedy Wilson Europe, said: 'With the acquisition of Clancy Quay, our portfolio now includes three of the highest quality multifamily assets in Dublin, including the Alliance Building and Sandford Lodge. We plan to continue growing our portfolio in Ireland and to establish Kennedy Wilson as one of the country’s
pre-eminent real estate management companies.'

Originally constructed in 2008, Clancy Quay consists of three phases, with the first phase comprising 420 units and 3,344 m2 of commercial space. Phases 2 and 3 include an 3.4 hectare site with planning permission for a mix of residential and commercial use.

Kennedy Wilson, together with its institutional partners, has acquired $1.3 bn (€986 mln) of real estate and real estate related debt since the beginning of this year. The company’s global multifamily portfolio now totals 16,242 units.