Kennedy Wilson, an international real estate investment and services firm based in Beverly Hills, Calif., has teamed with the European Commercial Real Estate Group of Deutsche Bank AG to acquire a portfolio of Irish loans with an unpaid principal balance of $567 million.
According to the companies, the properties are predominantly commercial real estate assets across a mixture of asset classes, with the majority located in Dublin. Consensual workouts are in progress in respect to a majority of the assets.
‘We are seeing signs of recovery in the Irish property market,’ says Mary Ricks, president and CEO of Kennedy Wilson Europe. ‘Investor confidence is returning, and there is a good macro-economic recovery story in Ireland that is starting to play out.’
Gibson Dunn's London office and Dublin-based William Fry provided legal advice on the acquisition.