Kennedy Wilson Europe Real Estate plc announced that it has entered into agreements to acquire the Elliott loan portfolio secured by assets in Ireland, and the Marshes Shopping Center in Dundalk, Ireland, both of which will complement the Company’s existing Irish portfolio, for an aggregate consideration of €120 million.
The Company has entered into an agreement with Ulster Bank Ireland Limited to acquire the Elliott loan portfolio secured against a portfolio of 13 real estate assets, comprising primarily offices, industrial, retail and residential properties for an aggregate consideration of €75 million.
The assets within the Elliott loan portfolio have significant asset management opportunities to lease up vacant space, stabilize income through tenant re-gears, and re-position assets to maximize income. The acquisition is expected to complete in early September 2014.
The Company has entered into another agreement with Marshes Shopping Center Limited to acquire the Marshes Shopping Center in Dundalk, Ireland for an aggregate consideration of €44.5 million. Completed in 2005, the Marshes Shopping Center comprises 39 retail units and a food court. The acquisition is expected to complete at the end of August 2014.
Mary Ricks, President and CEO of Kennedy Wilson Europe, commented on the acquisitions: “We are very pleased with our two new acquisitions. The Elliott loan portfolio is secured against a good quality mix of Irish properties strongly weighted towards the office, residential and retail sectors. These assets, along with the Marshes Shopping Centre, also provide for strong upside potential through interesting asset management plays and a relatively long WAULT.”
Source: Kennedy Wilson Europe Real Estate