Kennedy Wilson Takes Dublin Property, Eyes European Acquisitions
This story was originally published in Multi-Housing News, the sister publication to Commercial Property Executive.
Kennedy Wilson, a Beverly Hills, Ca.-based international real estate investment firm, has acquired the Alliance Building, a 210-unit building in Dublin, Ireland. Kennedy Wilson, along with its partner Fairfax Financial, purchased the property for $50.4 million from Grant Thornton.
This Alliance building is part of the Gasworks estate, which includes office space and retail and 645 apartment units. Google’s European headquarters are adjacent to the property. Other nearby companies include Facebook, LinkedIn, HSBC and Accenture.
The company plans to upgrade the façade of the building, and change the branding to show it is a Kennedy Wilson professionally managed property, according to Peter Collins, managing director of Kennedy Wilson Europe.
This acquisition adds to Kennedy Wilson’s already large international multifamily portfolio. The company also owns interest in 14,114 units throughout Japan and Ireland, as well as in the United States.
We are looking to expand further in Ireland and the rest of Europe, Christina Cha, director of corporate communications, Kennedy Wilson, told Multi-Housing News. Last year, we established Kennedy Wilson Europe with offices in Dublin and London after acquiring Bank of Ireland REIM.
Though some developers might be leery about investing in Europe right now, Kennedy Wilson feels there are many opportunities for multifamily there, especially in Ireland.
Obviously, having a team local in Ireland is an advantage to us, Cha said. We are confident in the fundamentals of Ireland’s economy, especially with the European headquarters of Google and other top companies located in Dublin.