Global real estate investment company Kennedy Wilson's wholly-owned European subsidiary has completed two refinancings with the Bank of Ireland across seven Irish assets located primarily in Dublin to the tune of 鈧�284 mln.
The refinancings extended the weighted average term to maturity to 5.1 years and lowered the weighted average cost of the floating rate debt while releasing 鈧�54 mln of equity, according to the firm.
'We continue to focus on increasing our cash flows and these accretive refinancings deliver a lower average cost of borrowing while enabling us to re-deploy equity into growing our NOI further,' said Mary Ricks, president and CEO of Kennedy Wilson Europe.
The refinancings included four offices, 40-42 Mespil Road, Dublin 4; South Bank House, Dublin 4; the Warehouse, Dublin 4; and Russell Court, St Stephens Green, Dublin 2; two shopping centres, Stillorgan Shopping Centre, Co. Dublin and Marshes Shopping Centre, Dundalk; and Alto Vetro, a multifamily property in the heart of Dublin.
In October of this year, Kennedy Wilson completed a previously-announced merger with its London-listed subsidiary Kennedy Wilson Europe Real Estate, creating an investment and asset management platform worth $8 bn (鈧�6.8 bn).
