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Ireland: Real estate investor Kennedy Wilson and Dutch pension provider APG have formed a residential joint venture to create a €2 billion BTR development and asset management platform in Ireland.
The venture will encompass more than 3,400 private rented homes across both operating and development assets.
As part of the joint venture, Kennedy Wilson has acquired a minority equity interest in APG’s Cherrywood portfolio in south Dublin. The portfolio comprises more than 1,100 units and is already fully developed and let. APG will retain a majority interest.
Kennedy Wilson will also acquire a minority equity interest in, and develop and deliver, around 2,300 new BTR units across the Player Wills, Bailey Gibson and Clonliffe sites.
John Keegan, head of capital formation, EMEA at Kennedy Wilson, said: “This joint venture marks a significant milestone for Kennedy Wilson in Ireland and represents a compelling opportunity to partner with one of the world’s largest pension funds to deliver much-needed private rental homes at scale. These developments span from the regeneration of former industrial sites at Player Wills and Bailey Gibson to the landmark Clonliffe development. They are all projects that will transform communities, create lasting amenities for local residents, and make a meaningful contribution to supporting Ireland’s housing delivery targets.”
“As a long-term investor in Ireland over the past 15 years, we are proud to have been one of the most active developers and asset managers in Ireland, delivering more than 1,800 homes in Dublin and having stewardship for a portfolio of approximately 3,500 owned units today. Our proven track record of delivery, combined with our ambition to further grow this platform through future development, reflects our continued confidence in the Irish market and Kennedy Wilson’s long-term commitment to Ireland,” he added.
Robert-Jan Foortse, head of real estate Europe at APG, added: “We are pleased to enter into this partnership with Kennedy Wilson, marking an important next step for APG in Ireland and reflecting our continued conviction in the Irish residential market. Building on the strong progress we have seen at Cherrywood, this portfolio and pipeline can deliver high quality homes at scale, help transform neighbourhoods and contribute to vibrant, sustainable communities in a market with acute demand for housing.”
“We believe long-term institutional capital like ours can play an important role in supporting the delivery of well-managed housing and creating places where people want to live. For our pension fund clients and their participants, this is the type of long-term residential investment we seek, combining attractive financial fundamentals with meaningful social relevance, with the latter further cementing the long-term resilience of the former,” he added.
Highlights:
- Real estate investor Kennedy Wilson and Dutch pension provider APG have formed a residential joint venture to create a €2 billion BTR development and asset management platform in Ireland
- The venture will encompass more than 3,400 private rented homes across both operating and development assets
- As part of the joint venture, Kennedy Wilson has acquired a minority equity interest in APG’s Cherrywood portfolio in south Dublin
- Kennedy Wilson will also acquire a minority equity interest in, and develop and deliver, around 2,300 new BTR units across the Player Wills, Bailey Gibson and Clonliffe sites
