Kennedy Wilson and APG Form €2 Billion Residential Joint Venture

Fried Frank advised Kennedy Wilson, a global real estate investment company, on the formation of a new residential joint venture with APG, on behalf of, amongst others, Dutch pension fund ABP, one of the world's largest pension investors, to create a €2 billion residential development and asset management platform. The venture will encompass more than 3,400 private rented homes across both operating and development assets, further strengthening Kennedy Wilson's position as the leader in residential real estate in the Irish market. Upon completion of the developments, Kennedy Wilson's owned and managed Irish portfolio will extend to approximately 6,900 residential units.

The joint venture allows Kennedy Wilson to acquire a minority equity interest in APG's existing Cherrywood portfolio in south Dublin, one of Ireland's largest multi-family communities. The over 1,100-unit portfolio is already fully developed and occupied, and APG will retain a majority interest. Kennedy Wilson will also acquire a minority equity interest in, and develop and deliver, approximately 2,300 new private rented sector units across the Player Wills, Bailey Gibson and Clonliffe sites. Read the press release for more about the joint venture.

Corporate real estate partner David Evans, who has previously advised Kennedy Wilson on many of their most complex corporate real estate transactions in the UK and Ireland, and corporate real estate special counsel Moray Macdonald, led the Fried Frank team, along with corporate real estate partner Roger Schofield and corporate real estate associate Luther Goh-Mah.

This communication is for general information only. It is not intended, nor should it be relied upon, as legal advice. In some jurisdictions, this may be considered attorney advertising. Please refer to the firm's data policy page for further information.