9th May 2014 08:43
LONDON (Alliance News) - Kennedy Wilson Europe Real Estate PLC Friday said it has agreed to acquire two Irish property portfolios in a deal worth more than EUR400 million.
Kennedy Wilson, which manages GBP8.5 billion of property assets across the US, Europe and Japan, said the first deal is for a portfolio of residential and commercial properties located in Dublin in a deal worth EUR88.1 million. The transaction consists of EUR30.7 million in cash and around EUR57.4 million of assumed non-recourse debt.
The firm will acquire the portfolio from KW EU Investors X, LLC.
The company said the second transaction is for a portfolio of properties located across Dublin, with one in Cork, comprising seven office and six retail properties, in a deal worth EUR391.4 million. This comprises of approximately EUR194.9 million in cash and EUR196.5 million of assumed non-recourse debt.
Kennedy Wilson will acquire this portfolio from VF Opera, LLC, KWF Real Estate Venture XV, LP and Kennedy-Wilson Holdings Inc, it said.
"Our first Irish acquisitions are complementary to our growing portfolio, and reinforce our investment strategy to invest in value-add assets within markets with strong fundamentals and high return potential," Kennedy Wilson Director Mary Ricks said in a statement.
"We have made excellent progress on our investment pipeline and are ready to take full advantage of opportunities in our core markets," she added.
Kennedy Wilson shares were Friday quoted flat at 1,015.00 pence.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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