DUBLIN-Kennedy Wilson has added to its Ireland holdings with the $50 million acquisition of the Alliance building, a 210-unit apartment complex here. The company has partnered with Fairfax Financial from Grant Thornton, which was the receiver for the property of Ulster Bank.
The building is part of the Gasworks estates, which includes about 300,000-square-foot of office property, 15,000 square feet of retail and 645 residential units. Adjacent to the headquarters is the Google headquarters, and other employers nearby include Facebook, LinkedIn, HSBC and Accenture. Peter Collins with Kennedy Wilson said in a statement that the company will complete cosmetic upgrades to Alliance and brand it as a KW property.
Executives from both KW and Ulster Bank both said in a statement that there is significant opportunities for residential space in Ireland. “This is a positive story showing that large international buyers are confident to invest in Ireland,” said Joy McAdam with Ulster.
Last year, KW purchased about $1.8 billion in office, multifamily and retail loans in the United Kingdom from the Bank of Ireland. The Beverly Hills, CA-based firm’s multifamily portfolio now totals 14,114 units throughout the United States, Japan and Ireland.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.