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Kennedy Wilson Europe buys in Dublin and Manchester, UK


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Kennedy Wilson Europe buys in Dublin and Manchester, UK

said it completed acquisitions in Manchester, U.K., and Dublin.

Thecompany acquired the Towers Business Park in the south Manchester suburbs fromLone Star for £82 million. The acquisition reflects a 6.7% topped-up yield oncost.

Thepark has 10 office buildings totaling 289,100 square feet. The occupancy rateis 96%, and major tenants include John Lewis, British Airways, Honeywell,Oracle, Syngenta and Cisco.

Thesouth Dublin suburban office assets were acquired for €76.9 million.

Theassets include the Chase, in Sandyford, acquired for £62.5 million from ChaseArkle plc. The acquisition reflects a 4% yield on cost. The 175,600-square-footbuilding is 68% occupied.

Thecompany also completed the acquisition of three office buildings from HudsonAdvisors for €14.4 million, reflecting a 6.8% yield on cost. The buildings arelocated in Blackrock Business Park in county Dublin, and comprise 50,500 squarefeet of space. The occupancy rate at the properties is 98.5%.

Theacquisitions, funded from existing cash resources, take Kennedy Wilson's Dublinoffice holdings to €90.1 million.