Kennedy Wilson, the New York-listed real estate investment and services firm, is leading a consortium of institutional partners that acquired a loan portfolio from Bank of Ireland for $1.8 bn (EUR 1.3 bn).
Kennedy Wilson, the New York-listed real estate investment and services firm, is leading a consortium of institutional partners that acquired a loan portfolio from Bank of Ireland for $1.8 bn (EUR 1.3 bn).
The purchase - representing one of the largest loan portfolio acquisitions in the current cycle - brings the company's assets under management to $12 bn.
In a statement on Monday, Beverly Hills, California-based Kennedy Wilson said the deal will close in two phases, with $1.4 bn completed on Friday, October 21 and an additional $400 mln expected to close at the end of November. The transaction increases Kennedy Wilson's total purchases for 2010-2011 to $5 bn.
A majority of the loan portfolio assets is secured by high-quality, London-based office, multifamily and retail properties.
'This is a landmark deal for Kennedy Wilson,' William McMorrow, chairman and CEO of Kennedy Wilson said. 'Under the leadership of Mary Ricks, our new team in Europe played a significant role in this success and the closing adds to our already strong base of business in Europe.'
'We believe that this closing will serve as a base for the company's further expansion in Europe,' added Mary Ricks, executive vice chair of Kennedy Wilson.
In June, Kennedy Wilson announced the acquisition of Bank of Ireland Real Estate Investment Management (BOI REIM), a business that represents $2.3 bn of assets under management.
