Wells Fargo And Deutsche Bank Refinance €447M Of Dublin And Cork Apartments

Kennedy Wilson
Courtesy Kennedy Wilson
The Grange East, Dublin Is One Of Five Residential Schemes To Be Refinanced.

Kennedy Wilson and AXA IM Alts have completed the refinancing of circa €447M of maturing debt secured against five apartment assets in Dublin and Cork that form part of a 50-50 Irish joint venture established in 2018.

The five-year facility has been secured from Wells Fargo and Deutsche Bank following a process run by Eastdil that received strong interest from lenders, according to the joint venture partners. It is also a welcome boost to Ireland’s debt market, which has been keen to attract more international capital.

The fully leased assets include Clancy Quay, Sandford Lodge, the Alliance and The Grange East in Dublin, plus The Elysian in Cork, comprising a total of 1,689 units, almost half of the JV’s portfolio of 3,500 rental units. Several of these developments were originally designed and built by Kennedy Wilson’s construction management team.

“This refinancing process satisfied a large 2025 maturity for Kennedy Wilson and generated extremely strong market interest,” Kennedy Wilson Europe President Mike Pegler said in a statement.

“We secured competitive terms from a diverse pool of over 30 potential lenders, including both local and international banks, insurers and debt funds. This is a testament to the quality of this portfolio as well as the underlying strength of the apartment market in Ireland, where we have invested since 2012.”

In March, Kennedy Wilson put two prime office investments in Dublin’s city centre and docklands on the market. CBRE and Knight Frank have been tasked with finding a buyer for the fully let, 65K SF 20 Kildare Street office block at a guiding price of around €75M.

Separately, Kennedy Wilson has instructed CBRE and Savills to sell the office building Ten Hanover Quay at mixed-use scheme Capital Dock, which it developed at the gateway to Dublin’s south docklands. The 68,300 SF office space is let to global fintech and payments provider Fiserv on a 15-year lease signed in 2022.

The seven-storey office building sits within a converted 1780s-built warehouse and stables. It is guiding at around €70M. It is part of the 5.3-acre Capital Dock campus, which comprises 460K SF of fully occupied offices, 190 residential units, 2.5 acres of public space, 27K SF of food and beverage, and a waterside park and playground.

Kennedy Wilson has more than $28B of assets under management across the U.S., the UK and Ireland, with more than 60,000 multifamily and student housing units owned by the company or financed through its credit platform.

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