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

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