Bank of Ireland shareholder Kennedy Wilson has bought State Street’s Irish banking headquarters in the south Dublin docklands for about €108 million. The international real estate and investment firm beat off two other contenders, a consortium formed by the UK property group Delancey and private equity firm KKR, and Hines, the American property investors, in a final round of bids earlier this week.

Kennedy Wilson will get a net return of 7.5 per cent on their latest investment in addition to a site of over three acres adjoining the bank premises.