Kennedy Wilson And APG Form €2B Residential Platform

In a boost for residential development in Ireland, Kennedy Wilson has formed a new joint venture with APG to create a €2B residential development and asset management platform.

The venture will encompass more than 3,400 private rented homes across operating and development assets. 

As part of the new venture, Kennedy Wilson will acquire a minority equity interest in APG's existing Cherrywood portfolio in south Dublin, one of Ireland's largest multifamily communities. The more than 1,100-unit portfolio is already fully developed and occupied, and APG will retain a majority interest.

Kennedy Wilson will also acquire a minority equity interest in, develop and deliver approximately 2,300 new private rented sector units across the Player Wills, Bailey Gibson and Clonliffe sites.

Each site holds full planning permission, with construction commencing immediately on more than 700 units at the former Player Wills cigarette factory on the South Circular Road in Dublin 8. Construction on the remaining circa 1,500 units across the Bailey Gibson and Clonliffe schemes is expected to commence in early 2027, the companies said.

APG Head of Real Estate Europe Robert-Jan Foortse said the move underlined the company’s continued conviction in the Irish residential market.

“We believe long-term institutional capital like ours can play an important role in supporting the delivery of well-managed housing and creating places where people want to live,” he said.

“For our pension fund clients and their participants, this is the type of long-term residential investment we seek, combining attractive financial fundamentals with meaningful social relevance, with the latter further cementing the long-term resilience of the former.”

Upon completion of the developments, Kennedy Wilson’s owned and managed Irish portfolio will reach approximately 6,900 residential units.

Kennedy Wilson Head of Capital Formation EMEA John Keegan called the move a “significant milestone” for Kennedy Wilson in Ireland and said that it represented a compelling opportunity to partner with one of the world's largest pension funds to deliver private rental homes at scale. 

“They are all projects that will transform communities, create lasting amenities for local residents, and make a meaningful contribution to supporting Ireland's housing delivery targets,” he said in a statement.

Kennedy Wilson’s existing residential holdings in Ireland include the 845-unit multifamily scheme Clancy Quay in Dublin 8, high-rise residential block Capital Dock in Dublin 2, the mixed-use Coopers Cross in Dublin 1 in the North Docklands, The Grange in Blackrock in south Dublin, and apartment tower The Elysian in Cork City.