December 6, 2011
By Nicholas Ziegler, News Editor
In what Ernst & Young research has found to be the largest European real estate transaction in the current cycle, Kennedy Wilson and its institutional partners have just completed the second phase of a $1.8 billion portfolio acquisition.
The Bank of Ireland was the previous owner of the loans. The first phase of the purchase, which totaled $1.4 billion, closed on Oct. 21, 2011. The remaining $400 million finalized yesterday. A majority of the loans are secured by high-quality, London-based office, multi-family and retail properties.
Mary Ricks, executive vice chair of Kennedy Wilson, chalked up the success of the transaction to her firm’s “ability to source and execute deals quickly.”
Watch Commercial Property Executive for more on this story as it develops.