Kennedy Wilson has completed its purchase of a $1.8bn (£1.1bn) UK property loan book from Bank of Ireland as it continues its European expansion.
The loans are backed by office, retail and residential buildings, mostly in London. The all-equity deal was completed at a discount of around 20% to face value.
It follows the US property investor’s purchase of Bank of Ireland Real Estate Investment Management, which had around $2.3bn of assets under management. It is also a shareholder in BoI.
Kennedy Wilson executive vice-chair, Mary Ricks (pictured, above) will move to London in the next two months to oversee the company’s European growth.
