The PRS Tsunami Swells As AXA Teams Up With Kennedy Wilson
Kennedy Wilson and AXA Investment Managers - Real Assets have launched a joint venture targeting the Irish private rented sector.
The new partnership will focus on opportunities in Dublin and other large cities, but is expected to start with 1,173 units across three of Kennedy Wilson’s Dublin PRS schemes: Alliance, Clancy Quay and Sandford Lodge. Kennedy Wilson will continue to hold its current 50% interest in all three assets.
The partnership comes as €5B capital is said to be targeting build-to-rent opportunities in Ireland, according to a CBRE report.
In April it emerged that Lone Star subsidiary Quintain is examining options to allocate a major portion of its €200M Adamstown Town Centre development to rented residential apartments in what could be one of Ireland’s biggest build-to-rent developments yet.
“The Dublin residential market has undergone significant structural change in the last five years, leading to demand outstripping supply and making today’s announcement a milestone for our business in delivering much-needed rental housing,” Kennedy Wilson Europe President Mary Ricks said.
“We are long term investors in the private rented sector, and this transaction adds to our existing global residential portfolio which is valued at over €9 billion,” AXA IM-Real Assets European Head of Transactions John O’Driscoll said.
“The portfolio is well placed to benefit from Dublin’s continued and growing position as an attractive destination for global companies’ European HQs, whilst the market also offers strong supply-demand dynamics."
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