Kennedy Wilson Secures €180m AIB Funding for Major Dublin 8 Residential Development at Former Player Wills Site
US property investor Kennedy Wilson and its joint venture partner, Dutch pension group APG, have secured a €180 million credit facility from AIB to finance the development of more than 700 homes at the former Player Wills cigarette factory site in Dublin 8, in one of the largest single residential financing deals in the Irish market this year and a significant milestone for a brownfield site that has been the subject of planning and legal disputes for more than a decade.
Background
The Player Wills site on the South Circular Road in Dublin 8 has a long and complicated history. The former cigarette factory, which closed in the 1990s, has been the subject of successive development proposals, planning applications, and legal challenges over the past twenty-five years. The site's location — close to the Grand Canal, within walking distance of the city centre, and well served by Dublin Bus routes — has always made it an attractive development opportunity, but its scale and the complexity of the planning process have repeatedly delayed progress.
The most recent chapter in the site's history began when real estate firm Hines acquired it and secured planning permission for a large-scale residential development. Following the resolution of legal hurdles in 2023 and APG's acquisition of Hines's minority stake in their joint venture earlier in 2026, Kennedy Wilson stepped in as the new operating partner to oversee the next phase of growth. The €180 million AIB facility, announced on Thursday, provides the financing needed to bring the development to completion.
The deal is part of a broader €2 billion residential joint venture between Kennedy Wilson and APG, which aims to manage more than 3,400 private rented homes across Ireland. The partnership involves the development of four key sites in Dublin, including Player Wills, Bailey Gibson, and Clonliffe, as well as a minority stake in APG's existing Cherrywood portfolio. Upon completion of these developments, Kennedy Wilson's owned and managed portfolio in Ireland is expected to reach approximately 6,900 residential units.
Key Developments
The Player Wills development will deliver 492 rental apartments and 240 co-living units, alongside a commercial component featuring retail and restaurant space, on a 2.8-hectare brownfield site. Construction is being carried out by John Paul Construction, which commenced work on the site earlier in 2026. The development is expected to be completed in phases over the next three to four years.
AIB officials noted that the facility reflects the bank's commitment to urban regeneration and the delivery of new housing in Dublin. The bank has been one of the most active lenders in the Irish residential development market in recent years, providing financing for a range of large-scale projects across the capital and in regional cities. The Player Wills deal is among the largest single transactions it has completed in the residential sector.
Kennedy Wilson's chief executive described the financing as a significant milestone for the company's Irish portfolio and expressed confidence in the long-term fundamentals of the Dublin rental market, despite the current challenges facing the sector.
Why It Matters
The Player Wills development is significant for several reasons. It represents the activation of a major brownfield site that has been lying largely dormant for decades, delivering housing on land that is already serviced by existing infrastructure rather than requiring the extension of roads, water, and sewerage networks into greenfield areas. This is precisely the kind of development that urban planners and housing advocates have been calling for, and its financing is a positive signal for the viability of similar projects elsewhere in the city.
The scale of the development — more than 700 units — will make a meaningful contribution to Dublin's housing supply, though it is worth noting that all of the units will be build-to-rent rather than for sale. This means that the development will add to the rental stock rather than to the owner-occupier market, which is a distinction that matters in a city where the aspiration to home ownership remains strong but is increasingly out of reach for many households. The co-living component — 240 units — will provide accommodation for single occupants and young professionals, a segment of the market that is particularly underserved by the existing housing stock.
Local Impact
The Player Wills site is located in the South Circular Road area of Dublin 8, a neighbourhood that has been undergoing significant change over the past decade. The area is home to a mix of long-established residential communities, small businesses, and a growing number of new developments. The arrival of more than 700 new residents will have a significant impact on local services, including schools, GP practices, and public transport. Dublin Bus routes 13, 27, and 122 serve the area, and the development is within cycling distance of the city centre. The local community has been broadly supportive of the development, though some residents have raised concerns about the impact on parking and traffic in the surrounding streets.
What's Next
Construction at the Player Wills site is expected to continue through 2027 and 2028, with the first units available for occupation in late 2027. Kennedy Wilson has indicated that it will market the rental units through its Irish property management platform, with rents to be set at market rates. The company has not indicated whether any of the units will be made available at below-market rents under the government's cost rental scheme, though it has engaged with the Land Development Agency on this question. The completion of the Player Wills development will be a significant test of the viability of large-scale build-to-rent development in Dublin, and its success or failure will inform investment decisions across the sector.
