Kennedy Wilson and AXA enter into Irish PRS JV

Kennedy Wilson and AXA Investment Managers - Real Assets have entered into a joint venture targeting the Irish private rented sector (PRS).

“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,” said Mary Ricks, president and CEO of Kennedy Wilson Europe.

The joint venture with AXA IM - Real Assets, on behalf of its clients, is expected to commence with 1,173 units across three of Kennedy Wilson’s Dublin PRS schemes: Alliance, Clancy Quay and Sandford Lodge. These are premier PRS assets in prime city-center and suburban Dublin locations. Kennedy Wilson will continue to hold its current 50 percent interest in the three assets.

“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,” said John O’Driscoll, European head of transactions at AXA IM - Real Assets. “We believe that these supportive underlying market dynamics will allow us to extend our already strong pipeline of Irish PRS opportunities, and we look forward to working with the team at Kennedy Wilson to execute these.”

The joint venture will seek PRS development and investment opportunities across Ireland, targeting Dublin and other large urban centers.

Kennedy Wilson will act as overall asset manager for the joint venture.