Arthur Cox, Fried Frank, and Freshfields have advised on a €2 billion residential joint venture between APG, on behalf of, amongst others, Dutch pension fund ABP, and Kennedy Wilson, a global real estate investment company.

The venture will encompass more than 3,400 private rented homes across the greater Dublin area and is focused on a residential real estate portfolio comprising APG’s existing Cherrywood portfolio in south Dublin and a development platform across the Player Wills, Bailey Gibson and Clonliffe sites.

The joint venture includes APG’s existing 1,100-unit Cherrywood portfolio, one of Ireland’s largest multi-family communities, where APG will retain a majority investment and Kennedy Wilson will acquire a minority interest. Kennedy Wilson will also acquire minority interests in, and develop and deliver, approximately 2,300 new private rented sector units across the Player Wills, Bailey Gibson, and Clonliffe sites. Upon completion of the developments, Kennedy Wilson’s owned and managed Irish portfolio is expected to comprise approximately 6,900 residential units.

Arthur Cox advised Kennedy Wilson on the transaction.

The Arthur Cox team was led by Deirdre Barrett (Real Estate), Ian Dillon (Asset Management and Investment Funds), Maeve Moran (Corporate and M&A), Karen Killoran (Construction and Engineering) and Mark Thuillier (Environment and Planning) and included Elaine Caulfield, Ramona Morrisroe, Jane McCarthy, Will Hurley and Grace Deeny (Real Estate), Stephanie Breen (Asset Management and Investment Funds), Conor White (Corporate and M&A), Emma Flood, Alexander de Búrca and Elizabeth Ring (Construction and Engineering), Alice Symington and Aoibh O’Connor (Environment and Planning), David Molloy, Ciara Buckley and Meghan O’Meadhra (Debt Finance), Nicola Cavey (Tax) and Olivia Mullooly and Jonathan Bean (Technology and Innovation).

Fried Frank also advised Kennedy Wilson on the formation of the joint venture.

The Fried Frank team was led by corporate real estate partner David Evans and corporate real estate special counsel Moray Macdonald, alongside corporate real estate partner Roger Schofield and corporate real estate associate Luther Goh-Mah.

Freshfields advised APG, on behalf of, amongst others, Dutch pension fund ABP, on the transaction.

The Freshfields team was led by partner Will Bryant, with counsel Joey Patchitt, senior associates Mohammad Bagash and William Kellett, associate Elizabeth Insley, and trainee associates Frankie Merriman and Uwem Ekwere from the firm’s Private Equity Real Estate practice in London. Competition law advice was provided by partner Paul van den Berg and associate Anne Koopmans from the firm’s Amsterdam office.