International real estate investment and services firm Kennedy Wilson (NYSE: KW) has announced that the company and its institutional partners have completed the acquisition of a UK-based loan portfolio from Bank of Ireland for US $1.8 billion (approx. 1.3 billion).
The purchase occurred in two phases, with approximately US $1.4 billion closed on October 21 and US $400 million closed on December 5.
According to Ernst & Young research, the transaction is the largest European real estate loan portfolio acquisition completed in the current cycle. A majority of the loans are secured by high quality, London-based office, multifamily and retail properties.
"The success of this transaction is due to our ability to source and execute deals quickly," said Mary Ricks, Executive Vice Chair of Kennedy Wilson. "We have been able to add key members to our team of talented and experienced executives in Europe who are dedicated to developing and growing our platform."
With the closing of this transaction, Kennedy Wilson now has approximately US $4.5 billion of assets under management in Europe as well as 18 professionals in Dublin and London.
Kennedy Wilson, together with its institutional partners, has acquired approximately US $5.1 billion of real estate and real estate secured debt through joint venture and consolidated investments since the beginning of 2010. The estimated value of the assets under the company's management is currently more than US $12 billion.
Source: Kennedy Wilson
