Property investment company Kennedy Wilson has teamed up with Dutch pensions group APG to develop a platform that will manage more than 3,400 rented homes in Ireland. The venture, which is said to be worth up to €2 billion, sees Kennedy Wilson acquire a minority stake in APG’s existing portfolio in Cherrywood, south Dublin, where 1,100 homes are already built and occupied. The US group will also take a minority stake in 2,300 new private rentals planned for the Player Wills, Bailey Gibson and Clonliffe sites in Dublin. These three sites have planning permission in place, with construction at the former Player Wills cigarette factory in Dublin 8 set to begin imminently.Construction at the Bailey Gibson and Clonliffe schemes is expected to begin early next year. “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. “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.”When the developments are complete, Kennedy Wilson’s owned and managed Irish portfolio will expand to approximately 6,900 homes.APG’s Europe head of real estate, Robert-Jan Foortse said the deal was an important next step for APG in Ireland and reflected its continued conviction in the Irish residential market. “Building on the strong progress we have seen at Cherrywood, this portfolio and pipeline can deliver high-quality homes at scale, help transform neighbourhoods and contribute to vibrant, sustainable communities in a market with acute demand for housing,” he said. “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.”