Kennedy Wilson buys BoI property business
International property firm Kennedy Wilson has bought Bank of Ireland Real Estate Investment Management – its first acquisition in Europe.
The real estate company said the business, which manages commercial real estate on behalf of Bank of Ireland clients, will add €1.6bn in assets to its portfolio.
Kennedy Wilson already has US$7.4bn in investment assets throughout the United States and Japan.
The deal will lead to the establishment of Kennedy Wilson Europe, which will operate out of Dublin and London.
“Building on our success and reputation in the management of real estate investments in the United States and Japan, Kennedy Wilson has identified opportunities for growth throughout Europe including an initial focus on Ireland,” said William McMorrow, chairman and CEO.
Peter Collins, managing director of BOI REIM, will head the new entity as managing director of Kennedy Wilson Europe.
Meanwhile, Bank of Ireland confirmed the sale of its Securities Services business to Northern Trust Corporation. In a brief statement, the troubled bank said all conditions have now been satisfied and the sale has been completed.