Savills Ireland advises Kennedy Wilson on €306 million CMBS buy

The Irish investment team has advised a joint venture led by Kennedy Wilson on the acquisition of the matured Opera Finance CMBS portfolio for Ђ306 million, representing the largest single CMBS purchase in Ireland in the current economic cycle.

The mixed-use portfolio consists of 14 properties located across Ireland including  Stillorgan Shopping Centre, Merchant's Quay Shopping Centre in Cork, KPMG's Dublin office on Stephen's Green and the Bank of Ireland headquarters on Mespil Road.

Fergus O'Farrell, investment director, comments: "This is a hugely significant transaction for the Irish property market. The assets within the portfolio were of a very high quality that offer good returns and on-going potential.  It therefore presented an attractive investment opportunity for Kennedy Wilson and the joint venture."

Previously managed by Real Estate Opportunities, a closed-ended investment fund that is majority owned by Treasury Holdings, the assets were financed by a loan provided by Eurohypo in 2005, which was then securitised in the Opera Finance CMBS in 2006, with the addition of junior debt. The debt fell due for repayment in February 2013.

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