Green REIT & Kennedy Wilson win Central Park bid - report

Friday 31 January 2014 18.05
Green Reit and Kennedy Wilson have paid over €310m for Central Park - reports
Green Reit and Kennedy Wilson have paid over €310m for Central Park - reports

Green REIT and Kennedy Wilson have edged out Blackstone to win the competitive bidding process for the Central Park development in Leopardstown in south Dublin.

According to UK property website Co-Star News, the companies paid just over €310m for the development, which NAMA had up for sale at a guide price of over €250m. 

The Central Park development includes five office blocks, a retail building and a multi-family apartment complex with 272 homes.

Co-Star said that Green REIT will take the office component of the development and Kennedy Wilson will acquire the multi-family blocks.

Blackstone was the underbidder at below €310m, while Lone Star was just under €300m. Also in the five final was Oaktree Capital Management and Patrizia, as well as Northwood Investors who bid with a client of Eastdil Secured.
 
Analysts said the deal was a major coup for both Green REIT, the country's first real estate investment trust, and Kennedy Wilson, in what has one of the most competitively fought portfolio deals in Ireland since the economic recovery has begun.
 
Jones Lang LaSalle and Savills were jointly mandated to sell Central Park on behalf of NAMA, seeking offers of over €250m for the entire complex, the majority of which was formerly owned by Treasury Holdings.

There was no comment from NAMA on today's report.
 
The total income for Central Park is estimated at €17.98m a year.