Kennedy Wilson buys stake in North Docks site

Property investment firm Kennedy Wilson has acquired a 50 per cent share in a mixed-use development site in Dublin's North Docks.

The total price for the 5.9 acre site is €113 million, with Kennedy Wilson making an initial equity investment of €68 million. The acquisition was made from receivers acting for Nama with joint venture partners AXA Investment Managers – Real Assets and Cain International.

The site, City Block 3, is 5.9 acres, and fronts Mayor Street Upper, Castleforbes Road, Sheriff Street Upper and New Wapping Street, comprising an entire city block.

It will include private rental accommodation and offices. Kennedy Wilson and AXA IM – Real Assets acquired the 3.6 acre residential component of the development site through their Irish joint venture. Separately, Kennedy Wilson and Cain International acquired the 2.3 acre commercial element of the site, in a 50/50 joint venture. The site has planning permission for more than 300,000 sq ft of Grade A office space.

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Kennedy Wilson will act as the development and asset manager of the property.

"Our development plans for CB3 will bring thenext visionary, city centre, mixed-used campus to Dublin, following the ongoing success at our iconic Capital Dock development on the South Docks," said Peter Collins, president of Kennedy Wilson Europe. "We are confident in our ability bring forward this major new scheme for Dublin, given the breadth of our local development experience."