U.S.-based real estate investment company Kennedy Wilson and AXA Investment Managers - Real Assets (AXA IM - Real Assets), a French real asset investment firm, announce that their Irish private rented sector (PRS) joint venture (JV) has completed the acquisition of 274 units and a four-acre development site at the Grange, in the South Dublin suburb of Sandyford.
The purchase was made from financial services firm Grant Thornton Receiver, on behalf of Irish pension fund National Asset Management Agency for 161 million euros ($183.7 million).
The JV anticipates substantially growing the unit count across the four-acre development site to meet the strong demand in Sandyford, a prime employment hub with great connections to public transport in and around Dublin.
Subject to planning permission, expected to be submitted in the first quarter of 2019, the JV aims to develop both additional PRS units and Kennedy Wilson’s signature resident amenities, to include a gym, lounge area, business centre and an on-site management office. Construction is expected to begin next year with new units and the resident amenities delivered in 2021.