Kennedy Wilson Europe Real Estate has entered into agreements to acquire two further properties in Dublin after having raised £1 bn (€1.2 bn) of equity in February in an initial public offering on the London stock exchange.

Kennedy Wilson Europe Real Estate has entered into agreements to acquire two further properties in Dublin after having raised £1 bn (€1.2 bn) of equity in February in an initial public offering on the London stock exchange.

The company, which is 12% owned by New York-based parent company Kennedy Wilson, has bought the Portmarnock Hotel & Golf Links and the Liffey Trust Building for €45 mln in cash.

In its first hotel acquisition, Kennedy Wilson Europe is acquiring the 138-room seafront hotel and Bernard Langer designed 18-hole golf links in county Dublin, for €30 mln. The property and the operating business are being bought out of receivership from Mazars, acting as receivers for Irish bad bank NAMA.

The acquisition is expected to complete in early July 2014. JLL brokered the deal.

In Dublin city centre, the company is purchasing an 81 unit multi-family scheme in the Liffey Trust Building from a subsidiary of the Irish Bank Resolution Corporation (IBRC) for €15 mln. The asset is currently running at 95% occupancy.

'These acquisitions demonstrate our robust sourcing capabilities in Ireland bolstered by our strong relationship with financial institutions,' said Mary Ricks, president and CEO of Kennedy Wilson Europe.

The purchase is the third by Kennedy Wilson Europe Real Estate since listing in February. Earlier this year it also acquired two real estate portfolios comprised of 40 office, industrial and retail properties totalling approximately 241,000 m2 and located throughout the UK. The total price amounted to £223 mln (€270 mln).