Kennedy Wilson Gets $25m In Cash Payouts From Irish Joint Ventures

As reported in the Irish Times, US real estate group Kennedy Wilson received cash distributions from its Irish joint ventures of just more than $25 million (€21.6 million) in the first nine months of this year, according to a prospectus filed late last week with the Securities and Exchange Commission.

 

Kennedy Wilson

According to the document, Los Angeles-based Kennedy Wilson received $9.8 million from its Irish operating activities and $15.4 million from investing distributions, which would relate to the sale of commercial property assets.

In terms of its operating assets, some $4.2 million related to its build-to-rent properties, with $5.6 million coming from its commercial activities.

The document also provides some detail on the performance of the Shelbourne Hotel in Dublin, which Kennedy Wilson owns.

The Shelbourne’s revenues declined by 12 per cent in the nine months to the end of September, down from $10.4 million to $9.2 million. The decrease was “primarily due to limited operations of the Shelbourne Hotel” in the nine-month period due to lockdown restrictions, which allowed only essential employees to book rooms at the five-star property.

The hotel’s mortgage debt stood at $83.3 million at the end of September.

The prospectus also shows that Capital Dock, the tallest residential apartment block in Dublin, has an occupancy rate of 66 per cent. Kennedy Wilson developed the 190-unit property and now has a 50 per cent ownership share. The high-end scheme in Dublin’s south docks also has 27,000sq m of commercial space.

Kennedy Wilson had $525 million invested in Ireland at the end of September, including $386.2 million in rented apartments. It has six developments under way here, with an estimated total cost of $548 million.

This includes an office scheme at Hanover Quay, the redevelopment of the former Leisureplex site in Stillorgan, and $300 million on offices and 472 residential units at Coopers Cross in Dublin’s north docklands.

 

Original article by Dave Simpson on hospitalityireland.com

Stay up to date

Latest News

  • Baird/STR Hotel Stock Index Decreased In May, Notes STR
    Baird/STR Hotel Stock Index Decreased In May, Notes STR

    The Baird/STR Hotel Stock Index decreased by 5.8% in May, to a level of 5,584, and it decreased by 2.8%…

    8 July, 2022

  • New Pilot Grant Scheme To Boost Night-Time Economy Launched
    New Pilot Grant Scheme To Boost Night-Time Economy Launched

    Minister for Tourism, Culture, Arts, Gaeltacht, Sport and Media Catherine Martin has launched a new pilot grant scheme to help…

    8 July, 2022

  • Three Irish Food Venues Hit The Market
    Three Irish Food Venues Hit The Market

    Three Irish food venues have hit the market.   Properties As listed on Daft.ie, the leasehold interest of a restaurant…

    8 July, 2022

  • New Glamping Accommodation Opens In Co. Wexford
    New Glamping Accommodation Opens In Co. Wexford

    Glamping company Further Space has announced that it has opened a new glamping site in Co. Wexford. Details Six glamping…

    8 July, 2022

  • Dalata Publishes Trading Update For Second Quarter Of 2022
    Dalata Publishes Trading Update For Second Quarter Of 2022

    Dalata Hotel Group plc has published a trading update for the second quarter of 2022. Details According to the trading…

    8 July, 2022

  • No Experience, No Resume, You’re Hired! Hotels Fight For Staff
    No Experience, No Resume, You’re Hired! Hotels Fight For Staff

    Top European hotel chains are hiring workers without experience or even a resume as executives admit years of underpaying staff…

    8 July, 2022

We use cookies in order to give you the best possible experience on our website. By continuing to use this site, you agree to our use of cookies.
Accept
Reject