Kennedy Wilson and AXA Investment Managers - Real Assets (AXA IMRA)'s Irish private rented sector (PRS) joint venture has completed the acquisition of 274 units and a four-acre development site at the Grange, in the South Dublin suburb of Sandyford.
The purchase was made from Grant Thornton Receiver, on behalf of the Irish bad bank NAMA for €161 mln.
In a statement, the two partners said that they plan to 'substantially growing the unit count' across the four-acre development site as well as develop new resident amenities, subject to planning permission, expected to be submitted in Q1-2019.
Construction is expected to begin next year with new units and the resident amenities delivered in 2021.
Kennedy Wilson also recently sold a 50% interest in three wholly-owned assets totalling 411 units to AXA IMRA, at Liffey Trust and North Bank in Dublin’s North Docks sub-market and the Elysian, a premium PRS project in Cork, Ireland. These units are a part of the JV, which now totals more than 1,850 existing units with the potential to add in excess of 1,000 units in currently owned future development sites.
Peter Collins, president of Kennedy Wilson Europe, said: 'This puts Kennedy Wilson on track to meet our target of 5,000 PRS units, including those under management and on behalf of the Joint Venture, solidifying our position as one of the top PRS landlords in Ireland.'
The JV portfolio has grown almost 60% by existing unit numbers, since completion just under four months ago. 'The Irish PRS market continues to be underpinned by attractive fundamentals, including strong employment growth, desirable demographics and positive economic indicators. We remain confident in our ability to deliver a pipeline of top quality PRS projects with appealing local amenities, good public transport and the potential to deliver great homes for residents,' he added.