International real estate investment and services firm Kennedy
Wilson (NYSE: KW) today announced that KW Residential, LLC,
the company’s unconsolidated Japanese venture, refinanced part of its
multifamily portfolio with a $110 million eight year fixed-rate loan at
1.36%.
“Since 2010, we have been able to lower our average interest rate across
the portfolio from 2.6% to 1.4% thereby saving $22 million in interest
payments over the term of our current loans,” said Matt Windisch,
executive vice president of Kennedy Wilson. “Additionally, over that
same time period we have extended the average maturity of our financing
from less than 1.4 years to more than 6.3 years.”
The company’s Japanese portfolio includes 50 multifamily buildings
primarily located in Tokyo. Since 2010, the investment has produced $100
million in cash distributions to investors, including $47 million to
Kennedy Wilson. As of June 30, 2013, Kennedy Wilson’s book equity in
this investment was $77 million.
Kennedy Wilson has been active in Japanese real estate since 1992, and
in 2002, one of the company’s former subsidiaries became one of the
first U.S. real estate companies to go public in Japan.
About Kennedy Wilson
Founded in 1977, Kennedy Wilson is an international real estate
investment and services company headquartered in Beverly Hills, CA with
24 offices in the U.S., U.K., Ireland, Spain and Japan. The company
offers a comprehensive array of real estate services including auction,
conventional sales, property services, research and investment
management. Through its fund management and separate account businesses,
Kennedy Wilson is a strategic investor of real estate investments in the
U.S., Europe and Japan. For further information on Kennedy Wilson,
please visit www.kennedywilson.com.
Copyright Business Wire 2013