Kennedy Wilson Buys First Dublin Office as Overseas Demand Seen

Kennedy-Wilson Holdings Inc. (KW) said today it acquired with investment partners its first office building in Dublin for 15 million euros ($19 million.)

“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,” said Peter Collins, Managing Director of Kennedy Wilson Europe in a statement today.

Beverly Hills, California-based Kennedy Wilson owns 50 percent of the property, which is being bought without debt financing, the company said. The 45,000-square foot office building in south Dublin is 100 percent leased and generated net operating income of about 2.2 million euros in the past twelve months, it said.

To contact the editor responsible for this story: Finbarr Flynn at fflynn3@bloomberg.net

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