Kennedy Wilson Forges €2-Billion JV to Own, Develop Irish Apartments
Kennedy Wilson has formed a new residential joint venture with APG, on behalf of Dutch pension fund ABP, among others, to create a €2 billion (approximately US$2.31 billion) residential development and asset management platform in Ireland. The venture will encompass more than 3,400 private rented homes across both operating and development assets. Upon completion of the developments, Kennedy Wilson’s owned and managed Irish portfolio will extend to approximately 6,900 residential units.
The JV comprises two complementary investment opportunities. The first sees Kennedy Wilson acquire a minority equity interest in APG’s existing 1,100-unit Cherrywood portfolio in south Dublin. The second will also see Kennedy Wilson take a minority equity interest in approximately 2,300 new rental units across the Player Wills, Bailey Gibson and Clonliffe sites, which the firm will develop and deliver.
John Keegan, head of capital formation, EMEA at Kennedy Wilson, said, “These developments span from the regeneration of former industrial sites at Player Wills and Bailey Gibson to the landmark Clonliffe development. They are all projects that will transform communities, create lasting amenities for local residents, and make a meaningful contribution to supporting Ireland’s housing delivery targets.”
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