DUBLIN, IRELAND-Beverly Hills, CA-based Kennedy Wilson has taken over the locally based Bank of Ireland Real Estate Investment Management business, which manages the bank’s commercial real estate holdings. The deal, KW’s first foray into Europe, closely follows Jones Lang LaSalle’s takeover of London-based property management firm King Sturge in a deal that closed Tuesday.
The KW-Bank of Ireland deal’s price was undisclosed, though the move adds $2.3 billion of real estate assets under management in Europe to the buyer’s already $7.4 billion of AUM in the United States and Japan. Most of the property is situated in Western Europe.
The deal creates a new company, Kennedy Wilson Europe, which will be based here and in London. Peter Collins, current managing director of the bank’s management division, will head up the new firm.
William McMorrow, chairman and CEO of KW, said he’s already identified opportunities throughout Europe, with an initial focus on Ireland. “We have worked with financial institutions through all real estate cycles in Japan and the United States, and we look forward to working with the European banks and financial institutions,” he said in a statement. Many global firms have been looking hard at Ireland properties this year, as the company’s precarious economy has created opportunities for investment.
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