Monday 20 November 2017

Kennedy Wilson buys office block housing LindedIn's Dublin office for €45m

In a statement, Kennedy Wilson said it had taken Gardner House in Dublin 2 in an off market transaction.
In a statement, Kennedy Wilson said it had taken Gardner House in Dublin 2 in an off market transaction.
Peter Flanagan

Peter Flanagan

Kennedy Wilson has bought the office block housing LinkedIn's Dublin office in a deal worth €45m.

In a statement, Kennedy Wilson said it had taken Gardner House in Dublin 2 in an off market transaction.

The firm bought the loans ‎relate to the property last November.

Kennedy Wilson is believed to have bought the office block from a consortium of individuals who paid €82m for it during the boom.

About €74m of borrowings tied to that deal were outstanding.

Kennedy Wilson Europe chief executive Mary Ricks commented: "The off market purchase of the Gardner House loans back in November provided KWE with a high quality income stream while we explored resolutions with the borrower. We are pleased to successfully employ our 'loan-to-own' strategy to access a high quality property in a prime location. Our ability to deliver significant value-enhancing asset management initiatives into a strong Dublin office market makes this a very attractive addition to our Dublin portfolio."‎

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