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Kennedy Wilson betting on investor confidence in £750m listing


The Shelbourne hotel Pic: Mark Condren

The Shelbourne hotel Pic: Mark Condren

The Shelbourne hotel Pic: Mark Condren

US real estate investment fund Kennedy Wilson plans to raise as much as £750m (€915m) from a stock market listing of its European property unit, betting on investor confidence in the markets of Ireland, Britain and Spain.

Kennedy Wilson is one of the biggest investors in commercial property here since the bust, snapping up shopping centres and office blocks.

Just last month the company said it was paying $152m (€111m) for debt secured on Dublin's iconic Shelbourne Hotel building.

It is understood the debt -- in the form of loan notes -- was acquired from Bank of Ireland and the liquidators of Irish Bank Resolution Corp (IBRC

Kennedy-Wilson, which manages $13.7bn in property assets globally, said today that  it planned to raise the cash by placing shares with institutions and selected cornerstone investors, and also by allowing its affiliates to subscribe.

It said it had already received binding commitments from funds such as George Soros' Quantum Partners and asset manager Janus Capital.


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