US-Canadian JV carries out EUR 40m residential deal in Dublin

Kennedy Wilson has announced the acquisition of a 210-unit apartment building in Dublin. The New York-listed international real estate investment and services firm teamed up with Canadian investor Fairfax Financial to purchase the Alliance Building in Gasworks Estate for EUR 40 mln

The vendor was Grant Thornton which acted as appointed receiver on behalf of Ulster Bank.

'We are pleased to add this first class property to our apartment portfolio,' said Mary Ricks, president and CEO of Kennedy Wilson Europe. 'We are seeing significant opportunities in the residential space, particularly in Ireland, and this transaction is a reflection of our ongoing commitment to building our business there as well as other parts of Europe.'

The acquisition increases Kennedy Wilson's multifamily portfolio to ownership interests in 14,114 units throughout the US, Japan and Ireland, including deals currently under contract.

Alliance Building is part of the larger Gasworks estate, which comprises approximately 29,000 m² of offices, 1,500 m2of retail and 645 dwelling units. The property resides within the old gasometer, a cylindrical, nine-story apartment block featuring a continuous glass façade. Google's European headquarters are adjacent to the property and other area employers include Facebook, LinkedIn, HSBC and Accenture.