Kennedy Wilson (NYSE: KW) announced the formation of a €2 billion residential joint venture with APG, acting on behalf of Dutch pension fund ABP. The partnership will develop and manage over 3,400 private rental homes across Ireland.

The venture comprises two components. Kennedy Wilson will acquire a minority equity interest in APG's existing Cherrywood portfolio in south Dublin, which contains over 1,100 fully developed and occupied units. APG will retain majority ownership of this portfolio.

Additionally, Kennedy Wilson will acquire a minority equity interest in three development sites in Dublin: Player Wills, Bailey Gibson, and Clonliffe. These sites will deliver approximately 2,300 new private rental units. All three sites have received full planning permission.

Construction will begin immediately on over 700 units at the former Player Wills cigarette factory on South Circular Road in Dublin 8. Construction on the remaining 1,500+ units across Bailey Gibson and Clonliffe is scheduled to commence in early 2027.

Upon completion of the developments, Kennedy Wilson's owned and managed Irish portfolio will total approximately 6,900 residential units. The company currently manages approximately 3,500 owned units in Ireland and has delivered more than 1,800 homes in Dublin over 15 years of operations in the market.

APG manages approximately €601 billion in pension assets as of December 2025 for 4.7 million participants as the largest pension services provider in the Netherlands. Kennedy Wilson operates as a real estate investment company with $36 billion in assets under management across the United States, UK, and Ireland.

The information is based on a company press release statement.