Kennedy Wilson has completed two refinancings totalling €284m (£248m) with the Bank of Ireland across seven assets in Dublin.
The refinancings included:
- four offices: 40-42 Mespil Road, Dublin 4; South Bank House, Dublin 4; the Warehouse, Dublin 4; and Russell Court, St Stephens Green, Dublin 2
- two shopping centres: Stillorgan Shopping Centre, Co. Dublin; and Marshes Shopping Centre, Dundalk; and
- Alto Vetro, a property in the heart of Dublin.
The deals extended the weighted average term to maturity to 5.1 years and lowered the weighted average cost of the floating rate debt while releasing €54m of equity.
“We continue to focus on increasing our cash flows and these accretive refinancings deliver a lower average cost of borrowing while enabling us to re-deploy equity into growing our NOI further,” said Mary Ricks, president and chief executive of Kennedy Wilson Europe.
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