Property investment firm Kennedy Wilson has acquired Gardner House, Dublin 2 for €45m in an off market transaction.

The FTSE 250-listed property company is believed to have purchased the office block from a group of individuals who paid €82m for the building during the Celtic Tiger years.

Kennedy Wilson Europe chief executive, Mary Ricks comments on the deal:

"The off market purchase of the Gardner House loans back in November provided Kennedy Wilson with a high quality income stream while we explored resolutions with the borrower. We are pleased to successfully employ our 'loan-to-own' strategy to access a high quality property in a prime location. Our ability to deliver significant value-enhancing asset management initiatives into a strong Dublin office market makes this a very attractive addition to our Dublin portfolio."‎