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Kennedy Wilson Buys First Dublin Office as Overseas Demand Seen

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Aug. 16 (Bloomberg) -- Kennedy-Wilson Holdings Inc. 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.

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

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