Kennedy Wilson to acquire assets for €120 million

Thursday 31 July 2014 18.31
Kennedy Wilson has entered into an agreement with Ulster Bank to acquire the Elliott loan portfolio of 13 assets
Kennedy Wilson has entered into an agreement with Ulster Bank to acquire the Elliott loan portfolio of 13 assets

The global real estate investment firm Kennedy Wilson is to acquire a large portfolio from Ulster Bank and, separately, the Marshes Shopping Centre in Dundalk for a combined cash price of €120m.

Kennedy Wilson said it has entered into an agreement with Ulster Bank to acquire the Elliott loan portfolio secured against a portfolio of 13 real estate assets for €75 million.

The portfolio consists mainly of offices, industrial, retail and residential properties for €75 million.

90% of the loan portfolio by value is comprised of three assets including an apartment block near St James's Hospital in Dublin 8, a retail park in Cavan and the Irish Times Building in Dublin City Centre.

Separately, Kennedy Wilson is to acquire the Marshes Shopping Centre in Dundalk for €44.5 million which was owned by Abbey Centre Ltd.

Ulster Bank was the lender, with the matured debt repayable on demand. 

The Marshes Shopping Centre comprises 39 retail units and a food court, and is currently 93% let to a range of retailers.

The acquisitions are expected to complete by early September 2014.