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 the Fordgate Jupiter Portfolio in the U.K., the Central
Park and Opera property portfolios in Ireland and the Liffey Trust
Building in Dublin for an aggregate consideration of approximately £685
million (including approximately £202 million of assumed non-recourse
debt).
“The successful completion of these significant acquisitions represents
excellent progress towards our goal of building a large-scale and
diverse portfolio, with numerous active asset management and value-add
opportunities,” said Mary Ricks, president and CEO of Kennedy Wilson
Europe. “We are pleased with the high quality of assets that now
comprise our investment portfolio and the timing of our acquisitions at
this point in the property cycle.”
Since its IPO in February 2014, Kennedy Wilson Europe Real Estate plc
has acquired real estate and real estate loans for a total purchase
price in excess of £1 billion. Following the completion of the recent
acquisitions, Kennedy Wilson Europe Real Estate plc has now invested, or
committed to invest, over 85% of the net cash proceeds received from its
IPO in February of this year. Kennedy Wilson Europe Real Estate plc will
target an LTV ratio of 50%, and currently has approximately £202 million
of assumed non-recourse debt.
Kennedy Wilson is the investment manager and a 13.2% shareholder in
Kennedy Wilson Europe Real Estate plc (which includes 1.0% purchased
subsequent to the IPO). 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.
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