Global real estate investment and services firm Kennedy Wilson (NYSE:
KW) today announced that Kennedy Wilson Europe Real Estate plc (LSE:
KWE), an investment vehicle sponsored and managed by Kennedy Wilson,
has acquired a high quality mixed use portfolio of 26 properties located
in England and Scotland in an off market transaction totaling
approximately £144 million.
Mary Ricks, president and CEO of Kennedy Wilson Europe, commented, “We
are pleased to be able to acquire this portfolio of high quality
institutional assets which boast strong tenant demand and the
opportunity to add value by leasing up vacant space.”
The portfolio is a part of the seed portfolio of KWE and includes five
retail properties, seven office properties, one retail warehouse and 13
industrial estates. Acquired for an aggregate acquisition price of
approximately £223 million, the two real estate portfolios acquired to
date by KWE together are comprised of 40 office, industrial and retail
properties totaling approximately 2.6 million sq. ft. and located
throughout the United Kingdom.
In February 2014, KWE successfully raised approximately £1 billion of
equity in an initial public offering on the London Stock Exchange. The
funds raised will allow KWE to take advantage of a strong deal pipeline
across Europe, with an initial focus on the UK, Ireland and Spain.
Kennedy Wilson is the investment manager and a 12.2% shareholder in KWE.
In exchange for its services as investment manager, Kennedy Wilson is
entitled to receive management fees as well as performance fees based
upon annual asset appreciation.
“With its first two acquisitions, KWE has now invested nearly a quarter
of the proceeds from its initial public offering,” said Ricks. “Our
pipeline remains robust as we continue to evaluate and pursue many
interesting opportunities in our target markets.”
About Kennedy Wilson
Founded in 1977, Kennedy Wilson is a vertically integrated global 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, on its own or with partners, invests opportunistically in a
variety of real estate related investments, including commercial,
multifamily, loan purchases and originations, residential, and
hotels. Kennedy Wilson offers a comprehensive array of real estate
services including investment management, property services, auction,
conventional sales, brokerage and research. For further information on
Kennedy Wilson, please visit www.kennedywilson.com.
Copyright Business Wire 2014