Kennedy Wilson (NYSE) and AXA IM Alts have completed a €471m (£403m/$510m) refinancing of maturing debt secured against five stabilised apartment assets in Dublin and Cork within their 50/50 Irish joint venture established in 2018.
The five-year facility provided by Wells Fargo and Deutsche Bank was arranged following a competitive process run by Eastdil Secured that attracted interest from more than 30 potential lenders across local and international banks, insurers and debt funds. The transaction represents a significant milestone for the Irish multifamily market, demonstrating continued institutional confidence in the sector despite broader economic uncertainties.
The refinanced portfolio comprises 1,689 units across Clancy Quay, Sandford Lodge, the Alliance and Grange East in Dublin, plus the Elysian in Cork, representing nearly half of the joint venture's total 3,500-unit Irish portfolio. All properties maintain exceptional occupancy rates of 99.5% and feature premium amenities in prime city centre and suburban locations. Clancy Quay, developed by Kennedy Wilson's construction management team, is one of Ireland's largest multifamily communities with 877 units across a 5.7-hectare site.
Mike Pegler, President of Kennedy Wilson Europe, commented: "This refinancing process satisfied a large 2025 maturity for Kennedy Wilson and generated extremely strong market interest. We secured competitive terms from a diverse pool of over 30 potential lenders, including both local and international banks, insurers and debt funds. This is a testament to the quality of this portfolio as well as the underlying strength of the apartment market in Ireland, where we have invested since 2012."
Nicola Free, Head of Commercial Real Estate EMEA for Wells Fargo, said: "Wells Fargo is delighted to complete this transaction and support Kennedy Wilson and AXA as they continue to provide high quality residential real estate in Dublin. It reflects the strength of our ongoing partnership with Kennedy Wilson and AXA, and our commitment to the commercial real estate sector." Alexander Krämer, Head of Commercial Real Estate Europe at Deutsche Bank, added: "We are very pleased to have successfully completed this important transaction, in continuation of our very strong relationship with Kennedy Wilson and AXA, and also as a reflection of our flexible financing capabilities across all commercial real estate asset classes."
- Mike Pegler, President of Kennedy Wilson Europe
- Nicola Free, Head of Commercial Real Estate EMEA, Wells Fargo
- Alexander Krämer, Head of Commercial Real Estate Europe, Deutsche Bank
- Kennedy Wilson - Global real estate investment company with $28bn AUM
- AXA IM Alts - Alternative investment manager and JV partner
- Wells Fargo - Co-lender for the refinancing
- Deutsche Bank - Co-lender for the refinancing
- Eastdil Secured - Financial advisor for the refinancing process
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Image: Photo by Héctor J. Rivas on Unsplash
