Kennedy Wilson and APG launch €2b Irish residential JV

Kennedy Wilson and APG, representing Dutch pension fund ABP, have established a €2 bn joint venture to develop and manage over 3,400 private rented homes in Ireland.

Player Wills

This partnership expands Kennedy Wilson's owned and managed Irish portfolio to approximately 6,900 residential units upon completion of the new developments.

The venture includes two key components. Firstly, Kennedy Wilson will acquire a minority stake in APG's existing Cherrywood portfolio in South Dublin, a fully developed and occupied multi-family community of over 1,100 units, where APG will retain a majority interest. Secondly, Kennedy Wilson will also acquire a minority stake in, and be responsible for developing, approximately 2,300 new private rented sector units across the Player Wills, Bailey Gibson, and Clonliffe sites.

These three Dublin sites will transform former industrial and institutional land into dynamic new residential communities. All projects have full planning permission, with construction on over 700 units at the Player Wills site in Dublin 8 starting immediately. The remaining 1,500+ units at the Bailey Gibson and Clonliffe schemes are expected to begin construction in early 2027.

John Keegan, head of Capital Formation, EMEA at Kennedy Wilson, commented: “These developments span from the regeneration of former industrial sites at Player Wills and Bailey Gibson to the landmark Clonliffe development. As a long-term investor in Ireland over the past 15 years, we are proud to have been one of the most active developers and asset managers in Ireland, delivering more than 1,800 homes in Dublin and having stewardship for a portfolio of approximately 3,500 owned units today.”

Robert-Jan Foortse, head of Real Estate Europe, APG, added: “Building on the strong progress we have seen at Cherrywood, this portfolio and pipeline can deliver high-quality homes at scale, help transform neighbourhoods, and contribute to vibrant, sustainable communities in a market with acute demand for housing. We believe long-term institutional capital like ours can play an important role in supporting the delivery of well-managed housing and creating places where people want to live”