Kennedy Wilson and APG launch €2bn residential construction platform in Dublin

Kennedy Wilson, a US-based global real estate investment company, and APG, a Dutch pension fund manager, have announced a €2 billion joint venture to develop and manage more than 3,400 private rented homes across Dublin, as reported by Business Wire. The deal brings immediate construction activity to three long-derelict sites in the capital, with direct implications for the Irish residential construction pipeline.

The venture comprises two complementary investment structures. The first sees Kennedy Wilson acquire a minority equity interest in APG's existing Cherrywood portfolio in south Dublin, an already fully developed and occupied community of over 1,100 units. The second covers the development and delivery of approximately 2,300 new private rented sector units across the Player Wills, Bailey Gibson and Clonliffe sites.

All three development sites hold full planning permission. Construction has commenced on over 700 units at the former Player Wills cigarette factory on the South Circular Road in Dublin 8, with works on the remaining 1,500-plus units across Bailey Gibson and Clonliffe expected to begin in early 2027.

John Keegan, head of Capital Formation, EMEA at Kennedy Wilson, said: "These developments span from the regeneration of former industrial sites at Player Wills and Bailey Gibson to the landmark Clonliffe development. They are all projects that will transform communities, create lasting amenities for local residents, and make a meaningful contribution to supporting Ireland's housing delivery targets."

Robert-Jan Foortse, head of Real Estate Europe at APG, said the portfolio and pipeline could deliver high-quality homes at scale, help transform neighbourhoods, and contribute to sustainable communities in a market with acute demand for housing.

Upon completion, Kennedy Wilson's owned and managed Irish portfolio will extend to approximately 6,900 residential units. APG manages approximately €601 billion in pension assets on behalf of 4.7 million participants.

Explore the full details of the joint venture and development pipeline.