Global real estate investment company Kennedy Wilson and AXA Investment Managers – Real Assets have completed their 50/50 joint venture targeting the Irish private rented sector (PRS).
The partners first agreed last month to join forces on three Kennedy Wilson’s prime Dublin PRS schemes comprising 1,173 units. The JV’s initial portfolio comprises the Alliance, Sandford Lodge and Clancy Quay PRS assets which are all in prime city locations.
The JV is targeting further PRS developments or operating assets across Ireland, particularly in Dublin and other large urban centres. Kennedy Wilson will act as asset manager for the JV.
The investment marks AXA IMRA's entry into the Irish PRS market.
Mary Ricks, president and CEO of Kennedy Wilson Europe, said: ‘We have achieved a milestone in completing this major joint venture agreement with AXA IM - Real Assets, a global leader in real assets investment, who shares our very positive outlook for the PRS market in Ireland.’
‘Our immediate focus is on increasing the number of high quality rental units in the portfolio, through both acquisition and development activity and further cementing our reputation as the leading PRS operator in the market,’ Ricks added.