In June 2012, Kennedy Wilson acquired the iconic Alliance Building in Dublin, Ireland, which was the first real estate purchase in Ireland for Kennedy Wilson.
The Alliance, part of The Gasworks development, is Dublin’s most distinctive apartment building and a unique residential icon in the heart of Dublin. Kennedy Wilson and partner Fairfax Financial purchased the property for €40 million from Grant Thornton, which acted as appointed receiver on behalf of Ulster Bank. 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.
Subsequent to purchase, Kennedy Wilson executed its value-add asset management program, which included adding a leasing center, the refurbishment of unit interiors, and other cosmetic upgrades.