Kennedy Wilson and AXA IM Alts have successfully refinanced $510 million in maturing debt on a portfolio of five fully leased apartment assets in Dublin and Cork, Ireland. The assets form part of the firms’ 50:50 joint venture established in 2018, which focuses on high-quality residential investments across the Irish market.
Major Portfolio Refinancing Signals Market Confidence
The five-year refinancing facility was secured from Wells Fargo and Deutsche Bank on competitive terms, following a lender selection process led by Eastdil Secured that reportedly attracted interest from more than 30 institutions. The refinancing underscores continued investor confidence in Ireland’s stabilized multifamily sector, particularly in key urban centres.
The refinanced properties—Clancy Quay, Sandford Lodge, The Alliance, and Grange East in Dublin, along with The Elysian in Cork—comprise a total of 1,689 residential units, accounting for nearly half of the joint venture’s 3,500-unit portfolio. All five developments are fully occupied and located in high-demand city centre and suburban areas.
Strategic Presence in Ireland’s Rental Market
Kennedy Wilson, which has been active in Ireland since 2012, continues to focus on long-term, income-generating residential assets. Speaking to Connect CRE, Mike Pegler, President of Kennedy Wilson Europe, commented:
“This is a testament to the quality of this portfolio as well as the underlying strength of the apartment market in Ireland, where we have invested since 2012.”
AXA IM Alts, a division of AXA Investment Managers, has similarly grown its presence in European residential assets, viewing rental housing as a resilient, long-term asset class.
Context: Institutional Appetite for Irish Multifamily
Ireland’s private rental sector has seen strong institutional investment in recent years, driven by a combination of robust demand, limited housing supply, and favourable demographic trends. Dublin, in particular, remains a magnet for international capital targeting stabilized residential income.
The successful refinancing aligns with a broader trend of institutional investors seeking to secure long-duration debt at favourable rates, particularly for high-performing real estate assets in core European markets.
References:
- Paul Bubny, Connect CRE article: connectcre.com
- Kennedy Wilson Corporate Newsroom: kennedywilson.com
- AXA IM Alts: axa-im.com
- Eastdil Secured: eastdilsecured.com
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