Kennedy-Wilson Holdings Inc., a real estate investment company, and Varde bought eight shopping centers in the U.K. out of administration for 250 million pounds ($390 million), adding to its European assets.
Kennedy-Wilson Holdings Inc., the U.S. real estate company buying a U.K. loan portfolio from Bank of Ireland Plc, expects Europe to become the largest part of its business in the next five years as lenders in the region sell assets, Chief Executive Officer William McMorrow said.
Banco Popular Espanol SA agreed to sell the management of its real estate to Varde Partners and Kennedy Wilson Holdings Inc. as Spanish banks seek specialists to handle assets that piled up in a property crash.
Danske Bank S/A is planning to seek a buyer for about 600 residential properties around Ireland as Denmark’s biggest lender retreats from the country after a real estate crash, according to a person familiar with the matter.
Dublin, where commercial property values dropped 65 percent during Western Europe’s worst real estate crash, should be a feasting ground for distressed investors. Instead, frustrated buyers are competing for a dearth of properties that’s inflating prices and discouraging other funds from entering the market.