Kennedy Wilson Buys M-F Property in Dublin for $107M
- Jul 11, 2013
International real estate investment and services firm Kennedy Wilson has purchased a 50 percent interest in a premier 420-unit multi-family asset located on the south bank of the River Liffey in Dublin. The company and its partner acquired the residential development known as Clancy Quay for €82.5 million (nearly $107 million) in an all cash transaction. Kennedy Wilson expects to place debt financing on the property post-closing.
Clancy Quay is a multi-phase residential project initiated by builder David Kennedy in 2008. The first phase of the development consists of 420 apartments and 36,000 square feet of commercial space. Phases two and three include an 8.5 acre site with planning permission for a mix of residential and commercial use.
“We believe that Clancy Quay will offer a highly desirable residence for people seeking to live in close proximity to Dublin’s city center as well as the River Liffey and Phoenix Park,” said Peter Collins, managing director of Kennedy Wilson Europe. “The property also has the scale to enable us to provide a level of tenant amenities, which are not seen at other properties in the Dublin market.”
The residential complex offers a mix of one-, two-, three- and four-bedroom units, along with impressive courtyards, landscaped areas and parking for more than 500 vehicles.
According to The Irish Times, Kennedy Wilson has also paid €27 million ($35.2 million) for 123 apartments and coach houses at Sandford Close, Ranelagh, and €40 million ($52.17 million) for 210 apartments in The Alliance Building at the Gasworks in Ringsend.
“With the acquisition of Clancy Quay, our portfolio now includes three of the highest quality multi-family assets in Dublin, including the Alliance Building and Sandford Lodge. We plan to continue growing our portfolio in Ireland and to establish Kennedy Wilson as one of the country’s preeminent real estate management companies,” Mary Ricks, president & CEO of Kennedy Wilson Europe said in a statement.
Since its inception in 1977, Kennedy Wilson has grown its global multi-family portfolio to 16,242 units. The company is based in Beverly Hills, and has 24 offices in the U.S., U.K., Ireland, Spain and Japan.
Earlier this month, in a joint venture with Capri Capital Partners L.L.C., Kennedy Wilson acquired the leasehold interest in Esprit, a 437-unit luxury multi-family project that also includes a 227-slip marina, in the Marina del Rey area of Los Angeles.