Freshfields advises APG on €2bn residential joint venture in Ireland

Global law firm Freshfields is advising Dutch pension fund manager APG, on behalf of, amongst others, Dutch pension fund ABP, one of the world's largest pension investors, on its €2 billion residential joint venture with Kennedy Wilson, a global real estate investment company. The venture will encompass more than 3,400 private rented homes across the greater Dublin area.

The joint venture consists of two overarching investments; the first is APG's existing 1,100-unit Cherrywood portfolio in south Dublin, one of Ireland's largest multi-family communities; and the second is a development platform of 2,300 new private rented sector units across the Player Wills, Bailey Gibson and Clonliffe sites. Once developed and delivered by Kennedy Wilson, all three sites will transform long-derelict industrial and institutional land in established Dublin neighbourhoods into vibrant new residential communities.

APG will retain a majority investment and Kennedy Wilson will make a minority investment and act as asset and development manager.

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, all part of our Private Equity Real Estate practice in London, as well as partner Paul van den Berg and associate Anne Koopmans from our Anti-trust, Competition and Trade practice in Amsterdam.