Kennedy Wilson’s European arm has completed a €284m refinancing for seven of its Irish assets.
The real estate investor said the debt, which was provided by Bank of Ireland, will extend the weighted-average term to maturity to 5.1 years. It also lowered the weighted-average cost of the floating rate debt while releasing €54m of equity.
Mary Ricks, president and CEO of Kennedy Wilson Europe, said: “We continue to focus on increasing our cash flows and these accretive refinancings deliver a lower average cost of borrowing while enabling us to redeploy equity into growing our net operating income further.”
Kennedy Wilson said it refinanced the offices on 40-42 Mespil Road, South Bank House, the Warehouse, and Russell Court, St Stephens Green, all in Dublin.
The company also refinanced Stillorgan Shopping Centre in Dublin, Marshes Shopping Centre in Dundalk and Alto Vetro, a multifamily property in Dublin.