It all started with a minority role in a minor vulture fund-style deal. In the summer of 2012, Kennedy Wilson won a bid for Project Prince, a non-performing commercial loan book offloaded by the Lloyds group as it wound down Bank of Scotland’s exposure to the Irish property market. The US firm announced in August that year that it had partnered with Deutsche Bank for the acquisition of the portfolio secured on what it described as “predominantly commercial real estate assets across a mixture of asset classes, with the majority located in Dublin,” totalling €361 million in receivables across 143…

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