Global real estate investment firm Kennedy Wilson has teamed up with APG to launch a 2 billion euro residential development and asset management platform in Ireland.

The joint venture will oversee more than 3,400 private rented sector homes. This setup covers both operational buildings and upcoming construction sites. APG is acting on behalf of several clients, including the major Dutch pension fund ABP.

This deal expands Kennedy Wilson’s presence in the Irish housing market. Once these new projects reach completion, the total number of Irish residential units owned or managed by Kennedy Wilson will climb to roughly 6,900 homes.

The initiative is split into two distinct investment streams. First, Kennedy Wilson is purchasing a minority equity stake in APG’s existing Cherrywood portfolio located in south Dublin. This particular multi-family community contains over 1,100 fully occupied units, and APG is keeping its majority ownership.

Second, Kennedy Wilson is taking a minority stake to build 2,300 new rental units across three Dublin locations, specifically the Player Wills, Bailey Gibson and Clonliffe sites. These locations consist of derelict institutional and industrial plots that will be turned into residential neighbourhoods.

All three development locations have secured full planning permission. Workers are starting construction immediately on more than 700 units at the old Player Wills cigarette factory site on South Circular Road. Construction for the remaining 1,500 homes across the Clonliffe and Bailey Gibson projects will start in early 2027.

“This joint venture marks a significant milestone for Kennedy Wilson in Ireland and represents a compelling opportunity to partner with one of the world’s largest pension funds to deliver much-needed private rental homes at scale,” said John Keegan, Head of Capital Formation, EMEA at Kennedy Wilson. “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. As a long-term investor in Ireland over the past 15 years, we are proud to have been one of the most active developers and asset managers in Ireland, delivering more than 1,800 homes in Dublin and having stewardship for a portfolio of approximately 3,500 owned units today. Our proven track record of delivery, combined with our ambition to further grow this platform through future development, reflects our continued confidence in the Irish market and Kennedy Wilson’s long-term commitment to Ireland.”

“We are pleased to enter into this partnership with Kennedy Wilson, marking an important next step for APG in Ireland and reflecting our continued conviction in the Irish residential market,” said Robert-Jan Foortse, Head of Real Estate Europe, APG. “Building on the strong progress we have seen at Cherrywood, this portfolio and pipeline can deliver high-quality homes at scale, help transform neighborhoods and contribute to vibrant, sustainable communities in a market with acute demand for housing. We believe long-term institutional capital like ours can play an important role in supporting the delivery of well-managed housing and creating places where people want to live. For our pension fund clients and their participants, this is the type of long-term residential investment we seek, combining attractive financial fundamentals with meaningful social relevance, with the latter further cementing the long-term resilience of the former.”