Kennedy Wilson, the New York-listed real estate investment and services firm, said it completed $1.4 bn (EUR 1 bn) of real estate and real estate-related debt acquisitions in Europe during 2012.
Kennedy Wilson, the New York-listed real estate investment and services firm, said it completed $1.4 bn (EUR 1 bn) of real estate and real estate-related debt acquisitions in Europe during 2012.
In one of its latest deals, Kennedy Wilson and an investment partner acquired a loan with an unpaid principal balance of EUR 120 mln. The loan is secured by an office building and adjacent three-acre site in Dublin. The building is 100% leased on a long-term basis. Additionally, in partnership with a European financial institution, the company acquired a large UK-based commercial loan portfolio secured by real estate.
'The office building is located in the South Docklands, which has established itself as the principal office district in Dublin,' said Mary Ricks, president and CEO of Kennedy Wilson Europe. 'Grade A space vacancy in the area is trending down while development has fallen over the last few years, so there is not any significant new supply.'
Including these transactions and the previously announced purchase of Sandford Lodge, the company and its partners completed approximately $900 mln of acquisitions in Europe during the fourth quarter of 2012. In total, Kennedy Wilson has contributed some $110 mln to these transactions.
Since the beginning of 2010, Kennedy Wilson, together with institutional partners, has acquired $7.8 bn of real estate and real estate-related debt, including around $3.6 bn of assets in Europe. In 2012, transactions in Europe have amounted to $1.4 bn.
