Kennedy-Wilson Holdings Inc,
), a real estate investment trust (REIT), recently announced the
acquisition of Brooklawn House, an office property in Dublin, for
$19 million cash. Kennedy Wilson has a 50% ownership stake in this
Spanning 45,105 square feet, Brooklawn House is located in the
Ballsbridge submarket, which is one of the best performing suburban
office markets in Dublin. The submarket is situated in close
proximity to the central business district of the city. The office
building is currently 100% leased to three tenants and has
generated a net operating income of $2.7 million over the past
The company expects that improving demand driven by
international tenants will increase the rental growth of the
property going forward. This is the first office acquisition by
Kennedy Wilson in the Dublin market and is expected to be accretive
Since the beginning of 2010, Kennedy Wilson, along with its
institutional partners, has acquired approximately $6.5 billion
worth of real estate and real estate related debt. Along with
institutional partners, the company recently acquired a 210-unit
apartment named Alliance Building in Ireland for $16 million.
Additionally, Kennedy Wilson closed the acquisition of a real
estate loan portfolio for $7 million.
Headquartered in Beverly Hills, California, Kennedy Wilson
offers a wide array of real estate services including auction,
conventional sales, property services, research and investment
management with 23 offices in the U.S., U.K, Ireland and Japan.
Kennedy Wilson currently retains a Zacks #3 Rank, which
translates into a short-term Hold rating. We have a long-term
Neutral recommendation on the stock. One of its competitors,
CBRE Group, Inc
) also holds a Zacks #3 Rank
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KENNEDY-WILSON (KW): Free Stock Analysis Report
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