International real estate firm Kennedy Wilson has purchased Clancy Quay, a residential project in Dublin for €82.5 million.
Based in Beverly Hills, the company and its partner paid all cash, according to news reports. Kennedy Wilson purchased a 50 percent interest in the property and will place debt financing on the property after closing, according to an announcement.
Built in 2008, Clancy Quay has three phases; the first phase has 420 units and 36,000 square feet of commercial space. Phase two and three consist of an 8.5-acre site with planning permission for residential and commercial mix use.
"We believe that Clancy Quay will offer a highly desirable residence for people seeking to live in close proximity to Dublin's city center as well as the River Liffey and Phoenix Park," Peter Collins, managing director of Kennedy Wilson Europe said.
Kennedy Wilson also owns the Alliance Building and Sandford Lodge in Dublin. Since the beginning of the year, the firm has acquired $1.3 billion of real estate and real estate related debt. It now has a global portfolio totaling 16,242 units.