Kennedy Wilson pays €120m for Elliott loans and Dundalk centre

US-based property investment group Kennedy Wilson announced yesterday that it had agreed to acquire the Elliott loan portfolio and the Marshes Shopping Centre in Dundalk for a combined €120 million.

The loans associated with former Cavan-based construction group P Elliott are secured against a portfolio of 13 real estate assets, comprising primarily offices, industrial, retail and residential properties for €75 million.

These assets form part of RBS Capital Resolution, which is responsible for disposing of Ulster Bank’s non-core assets.

Three of the underlying properties constituting the collateral for the loan portfolio comprise about 90 per cent of the loan portfolio by acquisition value.

These include The Times Building, a 67,000 sq ft, Grade A office property in Dublin with a 12-year lease to the Irish Aviation Authority. The building formerly housed the offices of The Irish Times.

It includes Herberton, a residential block situated near St James’s Hospital in Dublin, comprising more than 150 apartments that are fully let.

It also comprises the Lakeland Retail Park, an 83,052 sq ft bulky-goods centre on the outskirts of Cavan town. It is currently 91 per cent let and its tenants include Halfords, Heatons and Toymaster.