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Kennedy Wilson and Partners Acquire €113 Million, Six-Acre, Mixed-Use Development Site in Ireland

Visionary Campus Development in Dublin’s North Docks to Deliver Significant New Apartments and Office Space

BEVERLY HILLS, Calif.--(BUSINESS WIRE)-- Global real estate investment company Kennedy Wilson (NYSE:KW), alongside its joint venture partners, AXA Investment Managers – Real Assets (“AXA IM – Real Assets”), and Cain International, have acquired one of the last remaining mixed-use development sites in Dublin’s thriving North Docks. City Block 3 (“CB3”) totals 5.9 acres and will include the development of PRS (private rented sector) and office accommodation.

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City Block 3 in Dublin, Ireland

City Block 3 in Dublin, Ireland 

The acquisition was completed through two purchases from David Carson of Deloitte, acting as Receiver on behalf of the National Asset Management Agency (“NAMA”), for a total price of €113 million in separate ventures between AXA IM – Real Assets, a global leader in real asset investments and the leading(1) real estate portfolio and asset manager in Europe, acting on behalf of its clients, and Cain International, a diversified real estate company investing in both debt and equity in the UK, the US and Europe. Kennedy Wilson’s ownership in CB3 is 50%, with an initial equity investment of €68 million. Kennedy Wilson will act as the development and asset manager of the property.

Kennedy Wilson and AXA IM - Real Assets acquired the 3.6-acre residential component of the development site through their Irish PRS joint venture, with planning permission already in place. The site benefits from its proximity to existing projects at North Bank and Liffey Trust which, when combined with the potential new apartments at CB3, will provide in excess of 650 units at this important city centre location.

Separately, Kennedy Wilson and Cain International, through a 50/50 joint venture, acquired the adjoining 2.3-acre commercial component of the development site, with planning permission for over 300,000 square foot of Grade A office space.

CB3 comprises an entire city block (fronting Mayor Street Upper, Castleforbes Road, Sheriff Street Upper and New Wapping Street) and is walking distance to both local amenities and significant transport links. The land also benefits from being in the Strategic Development Zone (SDZ), which facilitates the regeneration of the area.

Dublin’s PRS and office markets are underpinned by Ireland’s position as one of the fastest growing economies in Europe. With 74,700 new jobs added in the last year along with strong net immigration, office take-up tracking is 75% above its 10-year average. Dublin PRS vacancy is at a record low of 1.4%, buoyed by a continued strong demand for city-centre apartments.

Peter Collins, President of Kennedy Wilson Europe, said: “Our development plans for CB3 will bring the next visionary, city-centre, mixed-used campus to Dublin, following the ongoing success at our iconic Capital Dock development on the South Docks. We are confident in our ability bring forward this major new scheme for Dublin, given the breadth of our local development experience. We are excited to be growing our Irish PRS joint venture with AXA IM – Real Assets as well as partnering with Cain International, an experienced global investor, to deliver another leading project for the city and its residents.”

John O’Driscoll, European Head of Transactions at AXA IM - Real Assets, added: “This investment adds to our existing high quality Irish residential portfolio held in joint venture with Kennedy Wilson. The Irish economy remains one of the strongest performing in Europe and the residential real estate market is further underpinned by structural demographic changes. We are excited about the potential of the well-located City Block 3 site and view it as highly complementary to the other assets in the portfolio.”

Richard Pilkington, Managing Principal at Cain International, said: “We are very excited to partner with Kennedy Wilson on our first investment in Ireland. With its strong economic growth, high occupier demand and low Grade A vacancy, Dublin is an attractive market for commercial real estate investment. As one of the last remaining mixed-use development sites in the city’s vibrant North Docks area, this project is particularly special and we look forward to combining our expertise with the Kennedy Wilson team’s impressive track record to create a truly exceptional workplace.”

(1) Source: INREV/ANREV Fund Manager Survey – May 2018 – in terms of assets under management

About Kennedy Wilson

Kennedy Wilson (NYSE:KW) is a global real estate investment company. We own, operate, and invest in real estate both on our own and through our investment management platform. We focus on multifamily and office properties located in the Western U.S., UK, and Ireland.

For further information on Kennedy Wilson, please visit:

About Cain International

  • Cain International is a diversified real estate company investing in debt and equity opportunities in the UK, the US and mainland Europe
  • Since its formation in 2014, Cain International has invested over $3bn across a wide-ranging portfolio, including $2.3bn of debt financing and $800m of equity across 1.8m square feet of office and retail space, as well as 7,000 residential units and 7,000 hotel keys
  • Its awards include Financier of the Year at the Property Week Property Awards 2015, Residential Financier of the Year at the RESI Awards 2016, Entrepreneur of the Year at the 2017 Property Awards and Real Estate Capital’s 2017 Development Financing of the Year
  • A portfolio company of Eldridge Industries, Cain International is led by CEO Jonathan Goldstein, and its UK and European equity investment team is led by Managing Principal Richard Pilkington

Further information is available at

Special Note Regarding Forward-Looking Statements

Statements in this press release that are not historical facts are “forward-looking statements” within the meaning of U.S. federal securities laws. These forward-looking statements are estimates that reflect our management’s current expectations, are based on assumptions that may prove to be inaccurate and involve known and unknown risks. Accordingly, our actual results or performance may differ materially and adversely from the results or performance expressed or implied by these forward-looking statements, including for reasons that are beyond our control. For example, we may not be able to finance our development projects on terms we consider attractive or complete them on time or at budget, and our property portfolio may not perform as expected. Accordingly, you should not unduly rely on these statements, which speak only as of the date of this press release. We assume no duty to update the forward-looking statements, except as may be required by law.



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Kennedy Wilson
Daven Bhavsar, CFA
Director of Investor Relations
+1 (310) 887-3431
US media:
Emily Heidt
Director of Public Relations
+1 (310) 887-3499
European media:
FTI Consulting
Dido Laurimore / Tom Gough / Eve Kirmatzis
+44 20 3727 1000


Source: Kennedy Wilson


Kennedy Wilson
151 S. El Camino Dr.
Beverly Hills, CA 90212

Phone: +1 (310) 887-6400
Fax: +1 (310) 887-3410