Kennedy Wilson, an international real estate investment and services company headquartered in Beverly Hills, CA, announced this week that it had entered into an agreement to purchase a loan portfolio from Bank of Ireland for $1.8 billion according to a Bloomberg report. "The biggest opportunities are in Europe," said Chief Executive Officer William McMorrow in a telephone interview. "The U.S. banks have all raised capital and they're not under as much pressure right now to sell assets." The purchase will close in two phases, with $1.4 billion completed on Friday, October 21 and an additional $400 million expected to close at the end of November.
Mary Ricks, executive vice chair of Kennedy Wilson, said of the deal that the "Kennedy Wilson team did an excellent job on this complex transaction, and we believe that this closing will serve as a base for the company's further expansion in Europe."
About 70% of the loans are secured on office, apartment and retail properties in London reported The Irish Times. Bank of Ireland disclosed the transaction when it announced earlier this month that it had deleveraged the bank by disposing of about €5 billion of loans – half of it non-core loans – at a discount of 9% on their face value.
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