Beverly Hils-based global real estate investment company Kennedy Wilson and AXA IM Alts have completed the refinancing of US$510 million of maturing debt secured against five stabilized apartment assets in Dublin and Cork, which form part of their 50/50 Irish joint venture established in 2018. The five-year facility was secured from Wells Fargo and Deutsche Bank at competitive terms following a process run by Eastdil, which received strong interest from more than 30 potential lenders.
The assets, including Clancy Quay, Sandford Lodge, the Alliance and Grange East in Dublin, along with the Elysian in Cork, comprise a total of 1,689 units, representing nearly half the JV’s total portfolio of 3,500 rental units. The assets are all fully leased and situated in attractive city center and suburban locations.
Mike Pegler, president of Kennedy Wilson Europe, said, “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.”
Pictured: Clancy Quay. Photo courtesy of Kennedy Wilson Residential.
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