Kennedy Wilson and AXA IM Alts Refinance $510M in Irish Apartments
Beverly Hills-based global real estate investment firm Kennedy Wilson, together with AXA IM Alts, has completed the refinancing of $510 million in maturing debt. The debt was secured against five stabilized apartment assets located in Dublin and Cork, Ireland. These properties form part of the 50/50 Irish joint venture that was established by the two firms in 2018.
The five-year refinancing facility was arranged through Wells Fargo and Deutsche Bank under competitive terms. The transaction followed a marketing process led by Eastdil, which attracted strong interest from over 30 potential lenders.
The refinanced portfolio includes Clancy Quay, Sandford Lodge, the Alliance, and Grange East in Dublin, as well as the Elysian in Cork. Together, the properties comprise 1,689 residential units—accounting for nearly half of the JV’s total 3,500-unit rental portfolio. All five assets are fully leased and located in prime city center and suburban areas.
“This is a testament to the quality of this portfolio as well as the underlying strength of the apartment market in Ireland, where we have invested since 2012,” said Mike Pegler, president of Kennedy Wilson Europe.
Pictured: Clancy Quay. Photo courtesy of Kennedy Wilson Residential.
