Kennedy Wilson, an international real estate investment and services company headquartered in Beverly Hills, in partnership with the European Commercial Real Estate Group of Deutsche Bank AG, acquired a loan portfolio with an unpaid principal balance of €361 million ($449 million). The partnership grabbed the portfolio of Irish property loans from Lloyds Banking Group at a huge discount, with Independent.ie reporting that the buyers are understood to have paid less than 20c in the euro for the loans. Gibson Dunn's London office as well as Dublin-based William Fry provided legal advice on the acquisition.
"We are seeing signs of recovery in the Irish property market," said Mary Ricks, president and CEO of Kennedy Wilson Europe. "Investor confidence is returning and there is a good macro-economic recovery story in Ireland that is starting to play out."
While both Deutsche and Kennedy Wilson declined to comment further to GlobeSt.com about the deal, Kennedy Wilson said in a statement that the properties are predominately commercial real estate assets across a mixture of asset classes, with the majority located in Dublin.
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