Kennedy Wilson to acquire assets for €120 millionThursday 31 July 2014 18.31
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.