Bank of Ireland sells $1.8bn in loans to Kennedy Wilson

By Bridging Loan Directory -

Kennedy Wilson has agreed to acquire a $1.8bn (€1.3bn) real estate loan portfolio from Bank of Ireland in what will be one the largest deals of its kind since the financial crisis reports IP Real Estate.

A majority of the loan portfolio assets are secured by high quality, London-based office, multifamily and retail properties.

The acquisition was partially completed last week, with $1.4bn of asset transferred from the bank to the international real estate investment firm. The remaining $400m of assets are expected to change hands by the end of November.

The completed acquisition will see Kennedy Wilson managing approximately $12bn in assets.

Chairman and chief executive William McMorrow said: “This is a landmark deal for Kennedy Wilson. Under the leadership of Mary Ricks, our new team in Europe played a significant role in this success and the closing adds to our already strong base of business in Europe.”

Mary Ricks, executive vice chair of Kennedy Wilson, added: “The Kennedy Wilson team did an excellent job on this complex transaction, and we believe that this closing will serve as a base for the company’s further expansion in Europe.”

In June, Kennedy Wilson announced the acquisition of Bank of Ireland Real Estate Investment Management (BOI REIM), a business that represents approximately $2.3bn of assets under management.

In 2010 and 2011, the company, together with its institutional partners, acquired approximately $5bn of real estate and real estate secured debt through joint venture and consolidated investments.