Return to search

Kennedy Wilson Buying Portfolio from Bank of Ireland

Kennedy Wilson Holdings Inc., an international real estate investment and services company, said it and its institutional partners have agreed to buy a loan portfolio from Bank of Ireland for $1.8 billion, Reuters reported Monday. In July this year, the Irish government halved its stake in Bank of Ireland. Canada’s Fairfax Financial Holdings, buyout firm WL Ross & Co., Fidelity Investments, investment firm The Capital Group and Kennedy Wilson were named as the investors by Bank of Ireland, Reuters wrote.

(Reuters) – Kennedy Wilson Holdings Inc., an international real estate investment and services company, said it and its institutional partners have agreed to buy a loan portfolio from Bank of Ireland for $1.8 billion.

Under the terms of the agreement, the purchase will close in two phases, with $1.4 billion being completed on Oct. 21 and the remaining $400 million by the end of next month.

The portfolio assets are secured by “high quality” London-based office, multifamily and retail properties, Kennedy Wilson said in a statement.

With the current buy, Kennedy Wilson’s assets under management will increase to $12 billion.

In July this year, the Irish government halved its stake in Bank of Ireland after a successful rights issue and a 1.1 billion euro ($1.58 billion) private investment allowed the government to avoid full nationalisation of the sector.

Canada’s Fairfax Financial Holdings , a Toronto-based insurer and investment company, Wilbur Ross’ New York buyout firm WL Ross & Co, Fidelity Investments, rival investment firm The Capital Group and Kennedy Wilson were named as the investors by Bank of Ireland.

Shares of Kennedy Wilson closed at $11.27 on Friday on the New York Stock Exchange.