Kennedy Wilson Refinances $334M of Irish Properties

Euro-subsidiary completes refinances of seven assets, including office, retail and multifamily properties in the capital city of Dublin. The deal follows this fall's merger between Kennedy Wilson Holdings and Kennedy Wilson Europe Real Estate.
Alto Vetro
Alto Vetro

The wholly owned European subsidiary of Kennedy Wilson has completed two refinancing deals totaling €284 million—$334 million—with the Bank of Ireland. The transactions cover seven assets in Ireland, primarily in the capital city of Dublin.

The refinancing operations extend the weighted average term to maturity to 5.1 years and lower the weighted average cost of the floating rate debt, while releasing €54 million, or roughly $63.6 million, of equity.

“We continue to focus on increasing our cash flows, and these accretive refinancings deliver a lower average cost of borrowing while enabling us to re-deploy equity into growing our NOI further,” Mary Ricks, President & CEO of Kennedy Wilson Europe, said in a prepared statement.

The group of properties consists of four offices: 40-42 Mespil Road, Dublin 4, South Bank House, Dublin 4, the Warehouse, Dublin 4, and Russell Court, St. Stephens Green, Dublin 2; two shopping centers: Stillorgan Shopping Centre, County Dublin, and Marshes Shopping Centre, Dundalk; and Alto Vetro, a multifamily property in the heart of Dublin.

Recent merger

Just in late October, Kennedy Wilson Holdings Inc. and Kennedy Wilson Europe Real Estate Plc completed a merger, one that had been six months in the making.

The European entity brought a dowry of 207 office and retail assets totaling 11.4 million square feet, in the United Kingdom, Ireland, Spain and Italy to the marriage.

Image courtesy of Kennedy Wilson