Dublin, Ireland—International real estate investment and services firm Kennedy Wilson has purchased a 50 percent interest in a premier 420-unit multifamily asset located on the south bank of the River Liffey in Dublin. The company and its partner acquired the residential development known as Clancy Quay for €82.5 million (nearly $107 million) in an all cash transaction. Kennedy Wilson expects to place debt financing on the property post-closing.
Clancy Quay is a multi-phase residential project initiated by builder David Kennedy in 2008. The first phase of the development consists of 420 apartments and 36,000 square feet of commercial space. Phases two and three include an 8.5-acre site with planning permission for a mix of residential and commercial use.
“We believe that Clancy Quay will offer a highly desirable residence for people seeking to live in close proximity to Dublin’s city center as well as the River Liffey and Phoenix Park,” Peter Collins, managing director of Kennedy Wilson Europe, says. “The property also has the scale to enable us to provide a level of tenant amenities which are not seen at other properties in the Dublin market.”
The residential community offers a mix of one-, two-, three- and four-bedroom units, along with impressive courtyards, landscaped areas and parking for more than 500 vehicles.
According to The Irish Times, Kennedy Wilson has also paid €27 million for 123 apartments and coach houses at Sandford Close, Ranelagh, and €40 million for 210 apartments in The Alliance Building at the Gasworks in Ringsend.
“With the acquisition of Clancy Quay, our portfolio now includes three of the highest quality multifamily assets in Dublin, including the Alliance Building and Sandford Lodge. We plan to continue growing our portfolio in Ireland and to establish Kennedy Wilson as one of the country’s preeminent real estate management companies,” Mary Ricks, president and CEO of Kennedy Wilson Europe says.
Since its inception in 1977, Kennedy Wilson has grown its global multifamily portfolio to 16,242 units. The company is based in Beverly Hills, Calif., and has 24 offices in the United States, U.K., Ireland, Spain and Japan.