Kennedy-Wilson Boosts Dublin Presence - Analyst Blog


Beverly Hills, CA-based, Kennedy-Wilson Holdings, Inc. ( KW ), along with one of its partners, bought a residential property - Clancy Quay - in Dublin. Specifically, Kennedy-Wilson acquired a 50% interest in this property and the move comes as part of its strategy to expand and strengthen its footprint in Ireland.

Clancy Quay was purchased for €82.5 million ($109 million) in cash. Moreover, after the completion of transaction, the company intends to place debt financing on this property. 

Founded in 2008, Clancy Quay is one of the top-class residential properties, located in proximity to the well-known Dublin city center as well as River Liffey and Phoenix Park. The 13.8 acre site comprises 3 phases.

The 1 st phase consists of 420 apartments and around 36,683 square feet of commercial space. On the other hand, Phases 2 and 3 comprise a proposed development for residential and commercial use, stretching to roughly 8.5 acres. After completion of the remaining phases, the site will be one of Dublin's largest private residential developments.

With the inclusion of Clancy Quay, Kennedy-Wilson's overall multifamily portfolio now contains 16,242 units. We view this purchase as strategic fit for Kennedy-Wilson. Considering the opportune location of the property, we expect it to boost the company's rental revenue growth, going forward.

Notably, Kennedy-Wilson is actively engaged in expanding its portfolio in Dublin. The above acquisition marks the company's third Class A multifamily asset acquisition in Dublin since last year.

In 2012, Kennedy-Wilson acquired 2 luxury apartment communities - Sandford Lodge for €27 million ($35 million) and Alliance Building for €40 million ($52 million). Apart from these, the company also acquired its debut office property - Brooklawn House - in Dublin for €15 million ($20 million) in 2012.

Kennedy-Wilson offers a wide array of real estate services including auction, conventional sales, property services, and research and investment management, with 24 offices in the U.S., the U.K., Spain, Ireland and Japan. Since the beginning of 2013, Kennedy-Wilson, along with its institutional partners, has acquired approximately $1.3 billion worth of real estate and real estate related debt.

Currently, Kennedy-Wilson carries a Zacks Rank #3 (Hold). Better performing companies include E-House (China) Holdings ( EJ ) - with a Zacks Rank #1 (Strong Buy), and Desarrolladora Homex, SAB de CV ( HXM ) and Henderson Land Development Co. Ltd. ( HLDCY ) - with a Zacks Rank #2 (Buy).

E-HOUSE CHINA (EJ): Free Stock Analysis Report


DESARROLLADORA (HXM): Free Stock Analysis Report

KENNEDY-WILSON (KW): Free Stock Analysis Report

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

This article appears in: Investing , Business , Stocks

Referenced Stocks: EJ , HLDCY , HXM , KW

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