Kennedy Wilson and its partner, the European Commercial Real Estate Group of Deutsche Bank AG, acquired a loan portfolio secured by properties based in Ireland with an unpaid principal balance of $449 million.

Most of the properties in the portfolio are commercial real estate assets, with the bulk of the buildings located in Dublin. Consensual workouts are in progress on the majority of the assets.

“This acquisition is a great win for the company and our partner and is a reflection of our robust track record, as well as the strength of our local presence in Ireland,” said President and CEO of Kenney Wilson Europe Mary Ricks, in a statement.