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Report: Kennedy-Wilson top bidder for Blackstone's Ireland tower

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Report: Kennedy-Wilson top bidder for Blackstone's Ireland tower

U.S.-based global real estate investment company Kennedy-Wilson Holdings Inc. is the preferred bidder for the Elysian Tower apartment block in Cork, Ireland, which is being sold by asset management giant Blackstone Group LP, The Irish Times reported, citing unnamed sources.

The report noted, citing the sources, that the two parties have yet to finalize a deal. The bid price is not known, according to the report.

The 17-story tower would be Kennedy-Wilson's first significant deal outside Dublin, where it owns roughly 1,000 apartments, the report noted.

The 217-unit apartment block is the tallest building in the Republic of Ireland, built in a €100 million project by O'Flynn Construction in 2008. Control of the property was given to a Blackstone subsidiary in a 2014 settlement after Blackstone acquired O'Flynn's debt for €1.1 billion in 2013 from Ireland's state assets agency Nama.

None of the parties involved commented on the deal Feb. 21, according to the report.