Dublin ‘well placed’ to attract post-Brexit business

Property developer Kennedy Wilson says Irish market likely to benefit from potential job relocations

Kennedy Wilson, a US property developer with €2 billion of assets in Ireland, believes Dublin is "well placed" to pick up business migrating from the UK in the wake of Brexit.

In a trading update the group said property investment volumes here remained strong, with significant institutional interest from new entrants.

It said that prime commercial rents in Dublin were now €60 per square foot, up 14 per cent year-on-year, and were likely to grow further with the impact of Brexit.

“We expect the current rental cycle to be prolonged as Dublin continues to be well placed to benefit from potential job relocations from companies seeking to realign their geographic footprint after the EU referendum.”

Kennedy Wilson also cited strong growth in the private residential market, with average rents for a two-bed now growing at 8 per cent per annum.

Noting similar strong growth in the hotel market, the group which owns the Portmarnock Hotel and Golf Links said it was hopeful the venue would benefit from a recent refurbishment.

The value of the group's European portfolio, which includes assets in Ireland, the UK, Spain and Italy, now stands at £3.07 billion (€3.45bn).

The company announced a quarterly interim dividend of 12p per share, delivering 48p per share for 2016.

Eoin Burke-Kennedy

Eoin Burke-Kennedy

Eoin Burke-Kennedy is Economics Correspondent of The Irish Times

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