Kennedy Wilson buy D4 office for €15 million

August 17, 2012 The MyHome Newsdesk by The MyHome Newsdesk
Kennedy Wilson buy D4 office for €15 million

International real estate investment and services firm Kennedy Wilson has bought Brooklawn House, an office building in Ballsbridge, Dublin 4, for €15 million.

The firm said that its ownership equals 50% and the property is being acquired with no debt financing.

"We are very pleased to have closed our first office acquisition in the Dublin market," said Peter Collins, Managing Director of Kennedy Wilson Europe.

"We believe that a combination of improving demand driven mainly by international tenants and the lack of any significant development pipeline in the city, will lead to a strong level of rental growth over the next several years."

Advertisement

Brooklawn House is an approx 45,000 square foot office building 100%leased to three corporate and government tenants.

The net operating income from the property over the past 12 months was approximately €2.2 million.

Ballsbridge historically has been one of the best performing suburban office markets in the city.

Kennedy Wilson, together with its institutional partners, has acquired approximately $6.5 billion of real estate and real estate related debt since the beginning of 2010, including deals under contract.

In Ireland, Kennedy Wilson, along with institutional partners, recently acquired the Alliance Building, a 210-unit apartment building in which the company invested approximately $16 million, and earlier this week closed the acquisition of a real estate loan portfolio in which the company invested approximately $7 million.

Advertisement

Estate agents Savills handled the sale.

Tags:
Uncategorized Alliance Building Ballsbridge debt financing development Dublin 4

Related articles

Woman using mortgage calculator

Mortgage calculator

Ready to start house hunting but need to know how much you'll be paying on your mortgage? Our Irish mortgage repayments calculator will get you the answers you're looking for.

Start now →

Powered by doddl logo