Kennedy Wilson buys two Irish property portfolios for €472mFriday 09 May 2014 12.49
Kennedy Wilson Europe Real Estate has agreed to buy two Irish property portfolios for €472m comprising of shops, offices and homes.
The deal marks its first foray into Ireland since it floated on the stock market earlier this year.
The unit, an arm of US real estate investment fund Kennedy-Wilson Holdings, said the completion of the two acquisitions will bring its investments up to 54 office, industrial, retail and multi-family properties across the UK and Ireland, as well as a portfolio of UK loans.
The latest deal include the Central Park portfolio of residential and commercial properties located in Dublin for €88.1m. It also includes the Opera portfolio of office and retail properties in Dublin and Cork, for €391.4m.
"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," company director Mary Ricks said.
When it announced its stock market listing in February, Kennedy Wilson said it would target investments across Europe that would generate a total return of 15%.