US property investor Kennedy Wilson has acquired The Alliance residential investment property in Dublin for EUR 40 mln, reflecting a net initial yield of 6.25%.
US property investor Kennedy Wilson has acquired The Alliance residential investment property in Dublin for EUR 40 mln, reflecting a net initial yield of 6.25%.
Property adviser Savills has sold the 210-apartment asset located at The Gasworks, Dublin 4, on behalf of receiver Paul McCann of Grant Thornton who acted as Ulster Bank’s appointed receiver.
The nine-storey apartment building has an occupancy rate of 97% with all the apartments being held under the same ownership. The property, which was completed in 2006, was designed by award-winning Irish architects O’Mahony Pike. The entire property provides a gross annual income of approximately EUR 3.25 mln.
The building was sold following a sale process that generated over 14 bids from various international investors.
'It is rare for a block of residential apartments of this scale, quality and quantum to come to the market in a single ownership and this transaction is the first real test of the Irish market for a major, income producing residential building,' said Fergus O’Farrell, investment director at Savills Ireland. 'The fact that The Alliance property is one of the biggest sales this year to date illustrates that there is demand from international investors for quality Irish property assets.'
