Kennedy-Wilson Holdings Inc, (KW), a real estate investment trust (:REIT), recently announced the acquisition of Brooklawn House, an office property in Dublin, for $19 million cash. Kennedy Wilson has a 50% ownership stake in this property.
Spanning 45,105 square feet, Brooklawn House is located in the Ballsbridge submarket, which is one of the best performing suburban office markets in Dublin. The submarket is situated in close proximity to the central business district of the city. The office building is currently 100% leased to three tenants and has generated a net operating income of $2.7 million over the past year.
The company expects that improving demand driven by international tenants will increase the rental growth of the property going forward. This is the first office acquisition by Kennedy Wilson in the Dublin market and is expected to be accretive to earnings.
Since the beginning of 2010, Kennedy Wilson, along with its institutional partners, has acquired approximately $6.5 billion worth of real estate and real estate related debt. Along with institutional partners, the company recently acquired a 210-unit apartment named Alliance Building in Ireland for $16 million. Additionally, Kennedy Wilson closed the acquisition of a real estate loan portfolio for $7 million.
Headquartered in Beverly Hills, California, Kennedy Wilson offers a wide array of real estate services including auction, conventional sales, property services, research and investment management with 23 offices in the U.S., U.K, Ireland and Japan.
Kennedy Wilson currently retains a Zacks #3 Rank, which translates into a short-term Hold rating. We have a long-term Neutral recommendation on the stock. One of its competitors, CBRE Group, Inc (CBG) also holds a Zacks #3 RankRead the Full Research Report on KW
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