Global real estate investment company Kennedy Wilson has made a further commitment to its Irish multifamily business by announcing two new major construction contracts at Coopers Cross and the Grange in Dublin, Ireland.
Including units recently launched and nearing completion at Clancy Quay, Kennedy Wilson and its equity partner will deliver over 1,000 new multifamily units to the Dublin market by 2023, expanding its ownership to approximately 3,300 units.
Both Coopers Cross and the Grange developments are designed by award-winning Irish architecture firm O’Mahony Pike, and are targeting the highest LEED, WELL, BREEAM green credentials, alongside NZEB compliance.
At Coopers Cross in the North Docks, Kennedy Wilson has appointed international construction company John Sisk & Son to deliver 472 multifamily units and secured a long-term development loan facility from AIG. The multifamily community will form part of a six-acre, city-centre mixed-use campus, with 395,000 sq ft of Grade A HQ offices and extensive amenities including the largest public park in the North Docks. Construction commenced in March 2020 with final delivery by the end of 2023.
At the Grange, in the South Dublin suburb of Stillorgan, the firm has appointed John Paul Construction to deliver 287 units as part of the Phase 1 development, which will grow this community to 561 units and agreed a development loan facility with HBFI. Construction commenced in September 2020 with final delivery by the first half of 2023.
Peter Collins, president, Kennedy Wilson Europe, said: ‘We are delighted to confirm this significant further commitment to our multifamily business in Ireland. Since our first investment in this sector over eight years ago, we have seen professionally managed rental accommodations play an increasingly important role in addressing the shortage of housing, particularly apartments, in Ireland.’
He added: ‘We are confident that Ireland, the only English-speaking EU country, will make a strong recovery as an attractive HQ destination for global companies, underpinned by a young and growing population, strong talent pool and university system.’
