Embattled Capel Developments has seen its Sandford Lodge apartment complex go on the market in September 2012, at the behest of receivers acting for Bank of Scotland. The 109 apartments are reportedly all rented generating €2.1m per annum and the property had an asking price of €26m. This evening, sources are claiming that a sale has been agreed at €27m, representing a 7.5% initial yield, after eight bidders pursued the property. The buyer is understood to be Californian investor Kennedy Wilson which has made a major foray into Irish property in 2012 with the purchase of the 210-apartment Allianz building just off of Barrow Street in south Dublin Docklands for about €40, Brooklawn House in Ballsbridge for €15m – Kennedy Wilson’s contribution was €7.5m as it purchased in a 50:50 joint venture – on and the purchase of €360m of Lloyds/BoSI loans acquired in a joint venture with Deutsche Bank.
Capel Developments is a NAMA developer as well as having exposure to non-NAMA banks and NAMA has taken foreclosure action against it and its directors personally.
At time of writing this evening, neither Kennedy Wilson nor receiver Kieran Wallace at KPMG had any comment on the matter. The sales listing and brochure for Sandford Lodge is available here from selling agents, Savills.