12th Feb 2015 07:48
LONDON (Alliance News) - Kennedy Wilson Europe Real Estate PLC on Thursday said it has completed the acquisition of Gardner House in Dublin for EUR45 million.
The FTSE 250-listed property company said the property was previously held as two loans secured by a first-ranking mortgage. The consideration reflects a net initial yield of 6.7%.
"The off market purchase of the Gardner House loans back in November provided KWE with a high quality income stream while we explored resolutions with the borrower. We are pleased to successfully employ our 'loan-to-own' strategy to access a high-quality property in a prime location," said Kennedy Wilson Chief Executive Mary Ricks.
By Sam Unsted; [email protected]; @SamUAtAlliance
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