Kennedy Wilson to fo­cus on de­vel­op­ment

The Irish Times - Friday - The Ticket - - BUSINESS NEWS -

BARRY O’HAL­LO­RAN Real es­tate fund Kennedy Wilson is still ac­tively look­ing for prop­erty deals in the Ir­ish mar­ket but the man­ag­ing di­rec­tor of its Euro­pean business said yes­ter­day it had be­gun to fo­cus on de­vel­op­ing as­sets it had ac­quired over the past two years.

Since ac­quir­ing Bank of Ire­land’s real-es­tate business in 2011, Kennedy Wilson emerged as one of the more ac­tive pur­chasers of prop­erty in the Repub­lic as a re­cov­ery be­gan to take hold in some parts of the mar­ket.

Peter Collins, man­ag­ing di­rec­tor of its Euro­pean business, told the So­ci­ety of Char­tered Sur­vey­ors Ire­land an­nual con­fer­ence yes­ter­day it planned to “grow its port­fo­lio through tar­geted ac­qui­si­tion” and con­tinue to invest in its ex­ist­ing as­sets.

Speak­ing be­fore ad­dress­ing the con­fer­ence, Mr Collins told The Ir­ish Times the fund would con­tinue buy­ing prop­er­ties once the right op­por­tu­ni­ties arose. “We are ac­tively look­ing,” he said.

He con­firmed the fund planned to build 320 apart­ments at two high-pro­file sites in Dublin. It in­tended de­vel­op­ing 160 of them at Clancy Quay, the Is­land­bridge com­plex it bought in 2013, which al­ready has 420 units.

“Hope­fully we will be go­ing on site next year to start build­ing work,” he added.

The fund also planned to build a sim­i­lar num­ber of apart­ments at Cen­tral Park, in Sandy­ford in Dublin.

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