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Just two weeks after the completion of the build-to-rent partnership between Kennedy Wilson and AXA Investment Managers, the joint venture has acquired 274 units at the Grange, at Sandyford, South Dublin, as well as an adjacent 4-acre private rented sector development site for €161M in a deal with NAMA, the National Asset Management Agency.
More than 60% of the units under contract were completed in the last five years, with the remainder completed in 2007. The units have a current occupancy of 95% and are significantly under-rented compared to prevailing market rents.
The joint venture intends to apply for planning permission to extend the development onto the vacant lot. Construction will begin next year with new units and resident amenities delivered during 2021.
“The Grange is a market-leading high-quality residential community in the rapidly expanding Sandyford area that fits very well into our new joint venture portfolio," Kennedy Wilson Europe President Mary Ricks said. "We anticipate strong NOI growth as we have ambitious plans to add further units to the development over the next three years."
“We are big believers in the Sandyford market, where robust market dynamics prevail, with new office developments, continued employment growth, excellent public transport and great local amenities making this the top PRS location in south Dublin."
The Kennedy Wilson/AXA joint venture started with 1,173 units across three of Kennedy Wilson’s Dublin PRS schemes, where it retains a 50% interest: Alliance, Clancy Quay and Sandford Lodge.
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