Kennedy Wilson Europe spends €76.9 million on Dublin offices

Chase office block in Sandyford acquired from Chase Arkle for €62.5 million

London-listed Kennedy Wilson Europe Real Estate said it has completed the purchase of two suburban office assets in Sandyford and Blackrock in Dublin for a total amount of €76.9 million.

The acquisitions were funded by the company’s existing cash resources, it said in a statement to the stock exchange on Thursday.

Kennedy Wilson Europe Real Estate said the it bought the Chase office block in Sandyford from Chase Arkle for €62.5 million, with the purchase price reflecting a rental yield of 4 per cent, with the building only 68 per cent occupied. The building was completed in 2009 and occupies 175,600 sq feet.

The company also bought three office buildings at Blackrock Business Park in March for €14.4 million from Hudson Advisors, which is affiliated with US private equity firm Lone Star.

Joe Brennan

Joe Brennan

Joe Brennan is Markets Correspondent of The Irish Times