Kennedy Wilson and Deutsche Bank have been selected to buy a €360m (£292m) portfolio of non-performing Irish loans from Lloyds Banking Group.
The partners are understood to be paying around €61m, reflecting a discount of around 83% in a cash-only deal with the bank.
Other bidders included New York-based private equity firm Cerberus Capital Management and Forum Partners.
Kennedy Wilson has already made a number of investments in Ireland, buying a $1.8bn (£1.1bn) UK property loan book from Bank of Ireland last year at a discount of about 20% to par value.
Deutsche Bank provided both debt and equity for that deal.
Project Prince comprises a number of regional secondary Irish offices and retail secured loans, all of which are in default and many of them are past due.
At the end of last year Lloyds had gross property loans to Ireland of £10.9bn, of which some £9.81bn were impaired.
Lloyds declined to comment.
Bridget.o’connell@estatesgazette.com
