Commercial Finance Specialists

The international American based real estate investment firm Kennedy Wilson has announced the acquisition of a UK real estate loan portfolio from the Bank of Ireland for $1.8 billion.

The purchase occurred in two phases, with $1.4 billion secured on 21st October and $400 million closed on 5th December. This is the largest European real estate loan portfolio acquisition completed in the current cycle, according to Ernst & Young. A majority of the loan package is secured by high quality London-based office and commercial properties.

Mary Ricks, executive vice chair of Kennedy Wilson, attributed the success of the deal to the organisation’s ability "to source and execute deals quickly"

The Californian based real estate investment firm made its first foray in Europe in June when it acquired the Bank of Ireland Real Estate Investment Management (BOI REIM), which has managed €1.6 billion of commercial property on behalf of the bank's clients.

Kennedy Wilson has now acquired roughly $5 billion worth of real estate and real estate debt since 2010, partly owing to joint venture investments, and it now holds $4.5 billion of assets in Europe.

On the completion of the latest acquisition, Ms. Ricks added:

"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."

The estimated value of the assets under the company’s management is currently more than $12 billion.