Property fund to seek further deals after €285m credit agreed

The European arm of an international property investment firm has agreed a new £225m (€285m) credit facility with a syndicate of three major banks.

In early June, the London-listed Kennedy Wilson Europe Real Estate Fund upped its Irish presence by investing €45m in acquiring former Nama and IBRC assets, via the Liffey Trust Building in Dublin’s docklands, and the 138-bedroom Portmarnock Hotel and Golf Links.

On the back of yesterday’s raise, the fund said proceeds would be used for general corporate purposes; including working capital requirements, the payment of capital expenditures and “acquisitions of certain property and loan assets”.