In June 2012, Kennedy Wilson acquired the Alliance Building, a 210-unit apartment building in Dublin, Ireland. The company and partner Fairfax Financial purchased the property for €40 million from Grant Thornton, which acted as appointed receiver on behalf of Ulster Bank. The acquisition was the first real estate purchase in Ireland for Kennedy Wilson.
The Alliance Building is part of the larger Gasworks estate, which comprises approximately 29,000 sqm of offices, 1,500 sqm of retail and 645 dwelling units. The property resides within the old gasometer, a cylindrical, nine-story apartment block featuring a continuous glass façade. Google’s European headquarters are adjacent to the property and other area employers include Facebook, LinkedIn, HSBC and Accenture Additionally, Dublin’s city center is in close proximity and a nearby train (DART) station offers convenient transportation links.
The company plans to complete cosmetic upgrades to the building and brand it as a Kennedy Wilson professionally managed property, bringing its experience and expertise in the multifamily management space to Dublin.