Kennedy Wilson and AXA IM Alts complete refinancing of Irish apartments
Kennedy Wilson and AXA IM Alts have completed the refinancing of $510m of maturing debt secured against five stabilised apartment assets in Dublin and Cork, which form part of their 50/50 Irish joint venture established in 2018.
A $510m (£387m), five-year facility has been secured from Wells Fargo and Deutsche Bank at competitive terms following a process run by Eastdil.
The assets, including Clancy Quay, Sandford Lodge, the Alliance and Grange East in Dublin, as well as the Elysian in Cork, comprise a total of 1,689 homes, representing almost half of the JV’s total portfolio of 3,500 homes in the city. The assets are all fully leased with current occupancy at 99.5%.
Kennedy Wilson and AXA IM Alts have completed the refinancing of $510m of maturing debt secured against five stabilised apartment assets in Dublin and Cork, which form part of their 50/50 Irish joint venture established in 2018.
A $510m (£387m), five-year facility has been secured from Wells Fargo and Deutsche Bank at competitive terms following a process run by Eastdil.
The assets, including Clancy Quay, Sandford Lodge, the Alliance and Grange East in Dublin, as well as the Elysian in Cork, comprise a total of 1,689 homes, representing almost half of the JV’s total portfolio of 3,500 homes in the city. The assets are all fully leased with current occupancy at 99.5%.
Mike Pegler, president of Kennedy Wilson Europe, said: “This refinancing process satisfied a large 2025 maturity for Kennedy Wilson and generated extremely strong market interest. We secured competitive terms from a diverse pool of over 30 potential lenders, including both local and international banks, insurers and debt funds. This is a testament to the quality of this portfolio as well as the underlying strength of the apartment market in Ireland, where we have invested since 2012.”
Nicola Free, head of commercial real estate EMEA for Wells Fargo, said: “Wells Fargo is delighted to complete this transaction and support Kennedy Wilson and AXA as they continue to provide high quality residential real estate in Dublin. It reflects the strength of our ongoing partnership with Kennedy Wilson and AXA, and our commitment to the commercial real estate sector.”
Alexander Krämer, head of commercial real estate Europe at Deutsche Bank, said: “We are very pleased to have successfully completed this important transaction, in continuation of our very strong relationship with Kennedy Wilson and AXA, and also as a reflection of our flexible financing capabilities across all commercial real estate asset classes.”
