Kennedy Wilson and partner secure €180m AIB funding for Player Wills scheme in Dublin 8
US property investor Kennedy Wilson and its joint venture partner APG have secured a €180 million credit facility from AIB to build more than 700 homes at the site of the former Player Wills cigarette factory in Dublin 8 . Earlier this year, the Beverly Hills, California-headquartered group announced it had teamed up with the Dutch pensions group to develop a residential property platform that will manage more than 3,400 rented homes in Ireland. Its plans include the development of the Player Wills factory site, where another US real-estate giant, Hines , secured planning permission for 732 units across four blocks in 2020. AIB said it had signed a €180 million loan deal with Kennedy Wilson and APG to fund delivery of the scheme. The funding will support the delivery of the four-block build-to-rent development on the 2.8-hectare brownfield site, which AIB said “has long been earmarked for regeneration”. The development comprises 492 rental apartments, 240 co-living units and a commercial component that includes restaurants and retail units. Spearheaded by John Paul Construction , work on the site began earlier this year. “AIB is committed to supporting the delivery of new housing in Ireland, and this transaction shows the important role banks can play in helping to bring major residential projects forward,” said Cathy Bryce, managing director of capital markets at AIB. Kennedy Wilson partners with Dutch pensions player APG on €2bn Irish residential venture “Player Wills is a significant regeneration opportunity in the heart of Dublin 8. It will deliver much-needed new homes, new amenities and wider benefits for the local community and economy. We are pleased to support Kennedy Wilson on another project that brings together housing delivery, urban regeneration and strong sustainability credentials.” Peter McKenna, Kennedy Wilson’s European head of development, said the Player Wills scheme was an “important part” of its new residential platform with APG. “Our experience of dealing with AIB on development and longer-term investment transactions over the last number of years has been excellent,” he said. “AIB’s support is an important part of progressing this project, and we welcome its focus on housing delivery, sustainability and positive community impact.” APG had originally been working with Hines to progress the scheme, which was subject to several delays due to planning challenges, including judicial review proceedings initiated by residents of the South Circular Road area. In 2023, residents’ groups dropped their legal challenges against the scheme and the adjacent Bailey Gibson site, where Hines and APG planned to build 416 homes across five blocks. Earlier this year, APG acquired Hines’s minority stake in their Irish build-to-rent venture before announcing its partnership with Kennedy Wilson on the platform. A spokesman for Hines said at the time: “After completing the final phase of construction, successfully leasing the 1,300-unit Cherrywood project, and extending the 1,200 permits at Bailey Gibson and Player Wills along with a new 10-year permit at Clonliffe for 1,100 units, a natural handover point has been reached, to allow APG to bring in a new capital and operating partner for the next stage of growth of the portfolio.”