US Firm Buys Irish Commercial Property

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U.S. real estate firm Kennedy Wilson has purchased 16 Irish commercial properties for €306 million from defunct developer Treasury Holdings. 

The portfolio includes Stillorgan Shopping Center, KPMG's Dublin office on Stephen's Green and the Bank of Ireland headquarter on Mespil Road, which were financed with €425 million in bonds issued by Opera House Finance (CMH) plc.

In the deal, class-A bondholders will receive the €243 million due to them.

Beverly Hills-based Wilson has been busy buying property in Ireland. Last month, the international firm purchased a Dublin residential project. It also owns the Alliance Building and Sandford Lodge in Dublin. 

Other properties in the commercial portfolio include a Marks & Spencer store in Cork, and the offices of law firm Mason Hayes & Curran on Barrow Street in Dublin. Rent is about €25 million a year, providing Kennedy Wilson a yield just below 8 per cent, according to published report.