International real estate investment and services firm Kennedy
Wilson (NYSE:KW) today announced the acquisition of Victory
Plaza, a 132,995 square foot grocery-anchored retail center along with
an adjacent 2.4 acre site zoned for multifamily. The company purchased
the debt on the properties in December 2013 from an Irish financial
institution for $30 million, investing $12 million of equity in the
transaction with Pacific Western Bank providing $18 million of
financing. Subsequent to its debt purchase, the company obtained title
to the properties through foreclosure.
“This transaction is an example of our unique cross border sourcing
capabilities,” said Matt Windisch, executive vice president of Kennedy
Wilson. “We were able to buy assets in close proximity to our corporate
headquarters from a seller who is located within walking distance from
our Dublin, Ireland office.”
The acquisition is the company’s second purchase of U.S. property from a
European financial institution in this cycle and represents a strategic
addition to Kennedy Wilson’s U.S. retail platform which now includes 10
properties and 1.3 million square feet in the Western U.S.
Windisch explained, “There is a significant value add opportunity for
the retail center which has been in receivership for several years and
has several major leases significantly below market. In addition, the
adjacent multifamily site fits in well with our strategy of capturing
value from excess land that sits next to our existing income generating
assets.”
Kennedy Wilson, together with its institutional partners, has acquired
approximately $11.2 billion of real estate and real estate related debt
since the beginning of 2010.
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., U.K., Ireland and Japan. For further information on Kennedy
Wilson, please visit www.kennedywilson.com.
Copyright Business Wire 2014