Cork's Elysian sold to an international real estate company for €87.5m

The Elysian building in Cork has been purchased by international real estate company Kennedy Wilson for €87.5 million.

The acquisition, from real estate company Blackstone, comprises 206 units, with 67,600 sq ft of retail and office space over 550 car parking spaces. 

The residential element is currently 98% leased and the commercial space is 61% leased.

Construction was completed in 2008 by Cork developer Michael O'Flynn and The Elysian sits in the rapidly expanding docklands area in Cork city centre.

Mary Ricks, President and CEO of Kennedy Wilson Europe, said: “The Elysian is a clear leader in the Cork multifamily/PRS (private rental sector) market and one of Ireland’s most prestigious and high-specification schemes. We are thrilled to add it to the Kennedy Wilson Residential offering. We see good near-term and medium-term prospects to grow NOI by leasing up the vacant commercial space and implementing the Kennedy Wilson Residential package of amenities to drive unit rental growth.

“The Elysian is an excellent first entry for our multifamily business into Cork; it has virtually no residential projects in direct competition. The same strong fundamentals across the Dublin multifamily/PRS market exist in Cork and we see exciting future opportunities to continue investing in both markets with a goal to double our PRS portfolio in the next few years.”