LONDON-The Bank of Ireland has completed its $400 million sale of the second tranche of a United Kingdom-based office, multifamily and retail loan portfolio to Kennedy Wilson. The Beverly Hills, CA-based firm bought the bank’s management firm in June, and then closed on $1.4 billion of the first tranche of loans in late October.
The move is on track with the Bank of Ireland’s plan to divest $14 billion of its non-core portfolios by Dec. 31, 2013. The bank is selling about half that amount this year, with other sales to Wells Fargo Bank, Nationwide Building Society and GE Energy Financial Services.
With the closing of this transaction, KW now has about $4.5 billion of assets under management in Europe, as well as 18 professionals in Dublin and London. William McMorrow, chairman and CEO of the firm, has said his firm has examined ways to buy Irish assets since the country’s debt problems began.
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