Beverly Hills, California-based international real estate
investment and services company,
Kennedy-Wilson Holdings, Inc. (
along with one of its partners, has acquired a luxury apartment
community - Sandford Lodge in Dublin, Ireland. The apartment
community was purchased for €27 million ($35 million) and the
company invested half of the equity in the all cash transaction.
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Comprising 118 deluxe apartments in 7 three storied homes,
Sandford Lodge is positioned in the center of Ranelagh on the
southern side of Dublin. The community is easily accessible to
schools, business and shopping centers and is also well-connected
to transportation networks. Kennedy-Wilson plans to renovate the
fully occupied property and upgrade it with all modern amenities.
Kennedy-Wilson is actively engaged in expanding its portfolio in
Dublin. The acquisition marks the company's second Class A asset
acquisition in Dublin in 2012. Earlier this year, Kennedy-Wilson
acquired a 210-unit apartment named Alliance Building in Dublin
for €40 million ($52 million). Apart from this, the company also
acquired Brooklawn House, an office property in Dublin, for €15
million ($20 million) in cash in August 2012. This marked
Kennedy-Wilson's first office acquisition in the Dublin market.
Apart from international expansions, Kennedy Wilson has also been
active on acquisitions on the domestic front. The company
recently acquired a multifamily community called Sandpiper
Apartments in Holladay, a suburb of Salt Lake City in Utah for
$43.5 million. As of now, the company has over 14,000 units in
its multifamily portfolio across the U.S., Japan and Ireland.
Kennedy Wilson offers a wide array of real estate services
including auction, conventional sales, property services, and
research and investment management, with 23 offices in the U.S.,
U.K, Ireland and Japan. Since the beginning of 2010, Kennedy
Wilson, along with its institutional partners, has acquired
approximately $6.8 billion worth of real estate and real estate
Kennedy-Wilson, which competes with
Jones Lang LaSalle Incorporated (
, carries a short-term Zacks #3 Rank (Hold). We also have a
long-term Neutral recommendation on the stock.