Kennedy Wilson completes EUR284m of refinancings in Dublin
Kennedy Wilson’s wholly-owned European subsidiary has completed two refinancings with the Bank of Ireland across seven Irish assets located primarily in Dublin.
The EUR284 million in refinancings extended the weighted average term to maturity to 5.1 years and lowered the weighted average cost of the floating rate debt while releasing EUR54 million of equity.
“We continue to focus on increasing our cash flows and these accretive refinancings deliver a lower average cost of borrowing while enabling us to re-deploy equity into growing our NOI further,” says Mary Ricks, President and CEO of Kennedy Wilson Europe.
The refinancings included four offices: 40-42 Mespil Road, Dublin 4, South Bank House, Dublin 4, the Warehouse, Dublin 4, and Russell Court, St Stephens Green, Dublin 2; two shopping centres: Stillorgan Shopping Centre, Co. Dublin and Marshes Shopping Centre, Dundalk; and Alto Vetro, a multifamily property in the heart of Dublin.