Irish bankers preparing for the biggest wave of foreclosures in the nation’s history are struggling with how to dispose of the homes as the central bank pressures them to go after owners of investment properties.
Kennedy-Wilson Holdings Inc., a Beverly Hills, California-based real estate investor, agreed to buy 29 office and industrial buildings in the U.K. for about $100 million, according to a person with knowledge of the talks.
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.
Barry Sternlicht, who built his career buying distressed real estate in the early 1990s, is seeking to profit from the U.S. housing market revival by taking public a four-year-old homebuilder that has yet to make money.
U.S. investment firms Lone Star Funds and Kennedy-Wilson Holdings Inc. are among remaining bidders for parts of about 2 billion euros ($2.6 billion) of mainly Irish real estate loans Lloyds Banking Group Plc is selling, two people with knowledge of the matter said.
Kennedy Wilson Holdings Inc., a real-estate services company, is forming a partnership with Fairfax Financial Holdings Ltd. to buy European commercial property, the companies said today in a statement.