Home » Business » Kennedy Wilson and Partners Buy $1.8 Billion of Bank of Ireland Loan Portfolio

Kennedy Wilson and Partners Buy $1.8 Billion of Bank of Ireland Loan Portfolio

Kennedy Wilson and Partners have purchased a UK-based loan portfolio from Bank of Ireland for $1.8 Billion, bringing their assets under management in Europe to $4.5 billion. The purchase was phased as follows: approximately $1.4 billion closed on 21st October 2011 and $400 million closed on 5th December 2011.

Bank of Ireland has been deleveraging of late, through sales of loan portfolios to Sumitomo Mitsui Banking Corporation among others. The policy is aimed at returning liquidity to the bank.

The real estate investment firm, Kennedy Wilson and Partners, said in a statement that the majority of the loans are secured on “high quality, London-based office, multifamily and retail properties”. The total estimated value of the property under their management is now $12 billion.

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