Kennedy Wilson secures €284m refinancing deals in Dublin

The Bank of Ireland has provided two debt facilities for seven property assets.

US investor Kennedy Wilson has completed two refinancing deals with the Bank of Ireland across seven Irish assets.

The €284 million in refinancings extended the weighted average term to maturity to 5.1 years, the firm said. It also lowered the weighted average cost of the floating rate debt while releasing €54 million of equity, which will be used for either new or existing investments.

“We continue to focus on increasing our cash flows and these accretive refinancings deliver a lower average cost of borrowing, while enabling us to redeploy equity into growing our net operating income further,” said Mary Ricks, president and CEO of Kennedy Wilson in Europe.

Kennedy Wilson refinanced the offices at 40-42 Mespil Road, South Bank House, the Warehouse, and Russell Court, St Stephens Green, all in Dublin.

The US investor also refinanced the Stillorgan shopping centre in Dublin, the Marshes shopping centre in Dundalk and Alto Vetro, a multifamily property in Dublin.

In October, Kennedy Wilson and its equity partner Fairfax sourced a €45 million debt package to refinance the existing development loan on the second phase of the Clancy Quay residential scheme in Dublin.

The financing carried a fixed-rate pricing of 2.03 percent, maturing in 2025. The loan was secured following full delivery of Phase II, which is expected to be fully leased by Q1 2018.

“With over 230 basis points in cost savings, the new loan will enable us to maximise property cash flow as we work to complete the largest apartment community in Ireland,” Ricks said at the time.