Kennedy Wilson and partners bag £101m Dublin development site
Kennedy Wilson, AXA Investment Managers Real Assets and Cain International, have together purchased one of the last remaining mixed-use development sites in Dublin’s North Docks for around £101m.
The deal was made through Deloitte, which was acting as receiver on behalf of Ireland’s National Asset Management Agency.
The 5.9-acre site, known as City Block 3, has planning permission for more than 650 PRS units and more than 300,000 sq ft of office space.
Kennedy Wilson, AXA Investment Managers Real Assets and Cain International, have together purchased one of the last remaining mixed-use development sites in Dublin’s North Docks for around £101m.
The deal was made through Deloitte, which was acting as receiver on behalf of Ireland’s National Asset Management Agency.
The 5.9-acre site, known as City Block 3, has planning permission for more than 650 PRS units and more than 300,000 sq ft of office space.
The acquisition was completed through two purchases. Kennedy Wilson and AXA IM Real Assets bought the 3.6-acre residential component of the site through their Irish PRS joint venture, while Kennedy Wilson and Cain International acquired the 2.3-acre commercial section, giving Kennedy Wilson a 50% stake in the entire development with an initial equity investment of around £60.5m.
The deal is Cain International’s first in Ireland.
Peter Collins, president of Kennedy Wilson Europe, said: “Our development plans for CB3 will bring the next visionary, city-centre, mixed-used campus to Dublin, following the success at our Capital Dock development on the South Docks. We are confident in our ability bring forward this scheme for Dublin, given the breadth of our local development experience.”
John O’Driscoll, European head of transactions at AXA IM – Real Assets, added: “This investment adds to our existing Irish residential portfolio held in joint venture with Kennedy Wilson.
“The Irish economy remains one of the strongest performing in Europe and the residential real estate market is further underpinned by structural demographic changes.”
Richard Pilkington, managing principal at Cain International, said: “With its strong economic growth, high occupier demand and low Grade A vacancy, Dublin is an attractive market for commercial real estate investment.
“As one of the last remaining mixed-use development sites in the city’s vibrant North Docks area, this project is particularly special and we look forward to combining our expertise with the Kennedy Wilson team’s impressive track record to create a truly exceptional workplace.”
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