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Kennedy-Wilson Boosts Dublin Reach

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Beverly Hills, California-based international real estate investment and services company, Kennedy-Wilson Holdings, Inc. (KW) along with one of its partners, has acquired a luxury apartment community – Sandford Lodge in Dublin, Ireland. The apartment community was purchased for €27 million ($35 million) and the company invested half of the equity in the all cash transaction.

Comprising 118 deluxe apartments in 7 three storied homes, Sandford Lodge is positioned in the center of Ranelagh on the southern side of Dublin. The community is easily accessible to schools, business and shopping centers and is also well-connected to transportation networks. Kennedy-Wilson plans to renovate the fully occupied property and upgrade it with all modern amenities.

Kennedy-Wilson is actively engaged in expanding its portfolio in Dublin. The acquisition marks the company’s second Class A asset acquisition in Dublin in 2012. Earlier this year, Kennedy-Wilson acquired a 210-unit apartment named Alliance Building in Dublin for €40 million ($52 million). Apart from this, the company also acquired Brooklawn House, an office property in Dublin, for €15 million ($20 million) in cash in August 2012. This marked Kennedy-Wilson’s first office acquisition in the Dublin market.

Apart from international expansions, Kennedy Wilson has also been active on acquisitions on the domestic front. The company recently acquired a multifamily community called Sandpiper Apartments in Holladay, a suburb of Salt Lake City in Utah for $43.5 million. As of now, the company has over 14,000 units in its multifamily portfolio across the U.S., Japan and Ireland.

Kennedy Wilson offers a wide array of real estate services including auction, conventional sales, property services, and research and investment management, with 23 offices in the U.S., U.K, Ireland and Japan. Since the beginning of 2010, Kennedy Wilson, along with its institutional partners, has acquired approximately $6.8 billion worth of real estate and real estate related debt.

Kennedy-Wilson, which competes with Jones Lang LaSalle Incorporated (JLL), carries a short-term Zacks #3 Rank (Hold). We also have a long-term Neutral recommendation on the stock.

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