Kennedy Wilson and AXA IM Real Assets form JV
Global real estate investment company Kennedy Wilson has completed the formation of its joint venture targeting the Irish Private Rented Sector (PRS), with AXA Investment Managers - Real Assets (AXA IM - Real Assets).
The Joint Venture currently totals 1,173 units across three of Kennedy Wilson’s premier Dublin PRS assets: Alliance, Clancy Quay and Sandford Lodge. Kennedy Wilson continues to hold its current 50 per cent interest in the three assets, which are in prime city locations.
The Joint Venture will target PRS development and investment opportunities across Ireland, both in Dublin and other large urban centres. Kennedy Wilson will act as overall asset manager for the Joint Venture.
Mary Ricks, President and CEO of Kennedy Wilson Europe, says: “We have achieved a milestone in completing this major Joint Venture agreement with AXA IM - Real Assets, a global leader in real assets investment who shares our very positive outlook for the PRS market in Ireland. Strong economic growth and favourable demographic trends underpin continuing demand for rental units, where we aim to play a significant role in bringing much-needed new supply to the rental market.
“Our immediate focus is on increasing the number of high quality rental units in the portfolio, through both acquisition and development activity and further cementing our reputation as the leading PRS operator in the market.”