Thursday 20 June 2019

Nama sells stake in Dublin's Capital Dock to US group Kennedy Wilson

The Capital Dock Development in Dublin
The Capital Dock Development in Dublin
John Mulligan

John Mulligan

US property group Kennedy Wilson has raised its stake in the landmark Capital Dock development in Dublin to 50pc by buying out Nama's share of the scheme.

Terms of the transaction weren't disclosed, and Kennedy Wilson did not specifically mention Nama when it revealed the transaction yesterday. However, it noted that Axa Investment Managers, a unit of the French insurance group, simultaneously acquired the remaining stakes in the development from two other investors in the project.

The deal leaves Kennedy Wilson and Axa as the sole shareholders in Capital Dock. Kennedy Wilson previously owned 42.5pc of the project.

Capital Dock features a total of 690,000 sq ft of space, including offices, commercial and residential units. JP Morgan and Indeed have committed to occupy all the office space. State Street occupies a building adjacent to the development. JP Morgan's office wasn't part of the latest deal, as it was sold to the bank for a reported €125m before it was even completed.

Capital Dock cost a total of about $400m (€353m) to develop.

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