Kennedy Wilson spends €45m on LinkedIn's Dublin office
US investment firm Kennedy Wilson has bought 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 related to the property from Deutsche Bank last November. Kennedy Wilson is believed to have bought the office block from a consortium of individuals who paid €82m during the boom.
About €74m of loans tied to that deal were outstanding.
The block is let to PwC, which has sublet the property to LinkedIn. The lease expires in 2018. Kennedy Wilson Europe chief executive Mary Ricks said: "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," she added.
Kennedy Wilson has spent more than €500m here since the crash, reaping huge profits in the process.