Kennedy Wilson and AXA IM – Real Assets have together purchased the Grange residential site in Dublin for €161m (£143m).
The 274-unit, four-acre PRS development in south Dublin was acquired from receiver Grant Thornton, on behalf of Ireland’s National Asset Management Agency.
Kennedy Wilson and AXA IM – Real Assets set up an Ireland joint venture in June.
The JV targets PRS development and investment opportunities across Ireland, both in Dublin and other large urban centres.
The JV now totals more than 1,850 existing units with the potential to add in excess of 1,000 units in currently owned future development sites.
Peter Collins, president of Kennedy Wilson Europe, said: “This puts Kennedy Wilson on track to meet our target of 5,000 PRS units, including those under management and on behalf of the Joint Venture, solidifying our position as one of the top PRS landlords in Ireland.
“The joint venture portfolio has grown almost 60% by existing unit numbers, since completion just under four months ago, with a promising pipeline of developments and further acquisition opportunities. The Irish PRS market continues to be underpinned by attractive fundamentals, including strong employment growth, desirable demographics and positive economic indicators.”
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