Beverly Hills, CA-based,
Kennedy-Wilson Holdings, Inc.
), 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.
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
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
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
) - with a Zacks Rank #1 (Strong Buy), and
Desarrolladora Homex, SAB de CV
Henderson Land Development Co. Ltd.
) - with a Zacks Rank #2 (Buy).
E-HOUSE CHINA (EJ): Free Stock Analysis
HENDERSON LAND (HLDCY): Get Free Report
DESARROLLADORA (HXM): Free Stock Analysis
KENNEDY-WILSON (KW): Free Stock Analysis
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