Kennedy-Wilson Buys Dublin Housing Development for $105 Million
Kennedy-Wilson Holdings Inc., a U.S. investment company, agreed to buy Dublin’s Clancy Quay project for more than 80 million euros ($105 million), according to the receiver selling the development.
The 13.8-acre (5.6-hectare) site beside the River Liffey has 420 apartments and planning approval to develop 323 more homes, a hotel and buildings for education. It was placed on the market in April for 70 million euros, according to a statement at the time from Savills Plc, which brokered the sale on behalf of receiver Grant Thornton Ltd.
The seller is “really pleased with the price achieved,” said Douglas Keatinge of FleishmanHillard Inc. on behalf of Grant Thornton. Fergus O’Farrell, the Savills director who brokered the sale, declined to discuss the deal.
Kennedy-Wilson plans to own more than 1,000 homes in Ireland, Peter Collins, managing director of the company’s European unit, said in August. It already holds a 210-apartment block close to Google Inc.’s headquarters in Dublin with Canadian insurer Fairfax Financial Holdings Ltd. Collins didn’t immediately return a call to his phone seeking comment on Clancy Quay.
Lloyds Banking Group Plc’s Bank of Scotland (Ireland) unit appointed the receiver to Clancy Quay Properties Ltd. and related companies in August, according to Iris Oifigiuil, the Irish State Gazette.
Dublin home prices rose 0.2 percent during April and 1 percent from a year earlier, the country’s statistics office said yesterday. Values are down about 50 percent from their 2007 peak, it said.
Kennedy-Wilson, based in Los Angeles, and Vaerde Partners Europe Ltd. are preferred bidders to buy 16 properties linked to the Opera Finance (CMH) Plc bonds for 306 million euros in a separate deal, according to a stock exchange statement on Tuesday.