Kennedy Wilson Europe has bought four Dublin offices for €24.9m (£18.4m), swelling its total portfolio size to £2.7bn.
The Dublin portfolio comprises 72,200 sq ft and is 86% occupied with a weighted average unexpired lease term of 4.3 years to breaks.
KWE bought two 18,600 sq ft offices on Sir John Rogerson’s Quay in Dublin’s South Docks from Nama for €11.8m.
It has also acquired two South Dublin suburban offices at 53,500 sq ft from a UK bank for €13.2m.
Peter Collins, chief operating officer and head of Ireland, Kennedy Wilson Europe, said: “We expect to grow the portfolio rent by around 14% through a combination of leasing void space and raising in-place rents to closer to ERVs, generating a stabilised yield on the portfolio of 6.5%.”
The acquisition came as the company posted its third-quarter results confirming £289m of acquisitions completed in the period.
Last week, the company also saw its debut Italian acquisition with the purchase of an office portfolio for €185.5m.
Mary Ricks, president and chief executive of Kennedy Wilson Europe, said: “The existing portfolio offers numerous value-enhancing opportunities and we look forward to building on the success we have achieved to date.”
