US property investor Kennedy Wilson has acquired a residential building in Dublin for €40m (£32.4m), with an initial net yield of 6.25%.
The nine-storey, 210-flat Alliance building is located in The Gasworks, Dublin 4, a luxury residential development. The building has a 97% occupancy rate and generates a gross annual income of €3.25m.
Savills acted as agent on the sale, on behalf of receiver Paul McCann of Grant Thornton, acting as Ulster Bank’s appointed receiver. The sale attracted 14 bidders from a range of international jurisdictions.
Sophia.furber@estatesgazette.com
