A joint venture between Deutsche Bank and Kennedy Wilson recently completed the purchase of an Irish commercial real estate loan portfolio worth €361 million (USD $449 million).
Deutsche Bank was represented by its subsidiary, the European Commercial Real Estate Group, and the total loan cost represented the unpaid principal balance on these properties. Most of the properties are located in Dublin, while the remaining properties are spread throughout Ireland. The properties are also not specific to any asset class. The two firms that provided legal advice for the sale were Gibson Dunn and William Fry.
"We are seeing signs of recovery in the Irish property market," said Mary Ricks, president and CEO of Kennedy Wilson Europe. "Investor confidence is returning and there is a good macro-economic recovery story in Ireland that is starting to play out."
Ricks added that the sale was positive for both companies and will help them strengthen their presence in the Irish commercial real estate market. Kennedy Wilson is based in the United States, but has 23 offices throughout the U.S., United Kingdom, Japan and Ireland.