Kennedy Wilson has acquired a multifamily property in Dublin, Ireland, through a joint venture. A statement issued today reveals that the Beverly Hills-based real estate investment firm acquired Clancy Quay in partnership with an undisclosed partner for €82.5 million.
Through the venture, Kennedy Wilson purchased a 50 percent interest in the property and expects to leverage the property post-closing. Savills brokered the sale on behalf of the property’s receiver, Grant Thornton, and had been marketing the property for sale since April.
Mary Ricks, president and chief executive officer of Kennedy Wilson Europe, said: “With the acquisition of Clancy Quay, our portfolio now includes three of the highest-quality multifamily assets in Dublin, including the Alliance Building and Sandford Lodge.” She added that the firm plans to continue growing its portfolio in Ireland.
Originally constructed in 2008, Clancy Quay consists of three phases, with the first phase comprising 420 units and 36,000 square feet of commercial space. Phases 2 and 3 include an 8.5-acre site with planning permissions for a mix of residential and commercial use.
“We believe that Clancy Quay will offer a highly desirable residence for people seeking to live in close proximity to Dublin’s city center, as well as the River Liffey and Phoenix Park,” added Peter Collins, managing director of Kennedy Wilson Europe. “The property also has the scale to enable us to provide a level of tenant amenities that are not seen at other properties in the Dublin market.”
Kennedy Wilson, together with its institutional partners, has acquired $1.3 billion of real estate and real estate-related debt since the beginning of this year. The firm’s global multifamily portfolio now totals 16,242 units.