Kennedy Wilson completes UK and Ireland property portfolio acquisitions
Kennedy Wilson has acquired the Fordgate Jupiter Portfolio in the UK, the Central Park and Opera property portfolios in Ireland and the Liffey Trust Building in Dublin for approximately GBP685 million.
This includes approximately GBP202 million of assumed non-recourse debt.
“The successful completion of these significant acquisitions represents excellent progress towards our goal of building a large-scale and diverse portfolio, with numerous active asset management and value-add opportunities,” says Mary Ricks, president and CEO of Kennedy Wilson Europe. “We are pleased with the high quality of assets that now comprise our investment portfolio and the timing of our acquisitions at this point in the property cycle.”
Since its IPO in February 2014, Kennedy Wilson Europe Real Estate has acquired real estate and real estate loans for a total purchase price in excess of GBP1 billion. Following the completion of the recent acquisitions, Kennedy Wilson Europe Real Estate has now invested, or committed to invest, over 85 per cent of the net cash proceeds received from its IPO in February of this year. Kennedy Wilson Europe Real Estate will target an LTV ratio of 50 per cent, and currently has approximately GBP202 million of assumed non-recourse debt.
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