Global real estate investment and services firm Kennedy
Wilson (NYSE: KW) today announced the completion of 66
multifamily units at The Rock, a premier retail, residential and
entertainment center totaling approximately 888,000 square feet located
in Bury, a town in Greater Manchester in the United Kingdom.
During the fourth quarter of 2012, the Company and one of its equity
partners acquired the mortgage on The Rock. During the third quarter of
2013, the Company and its equity partner converted their mortgage note
to a 100% equity ownership in the property.
“The successful completion of these residential units at The Rock
demonstrates our strategy of capturing excess value from our existing
income generating assets,” said William McMorrow, chairman and CEO
of Kennedy Wilson. “We expect to earn a 10% unlevered return on the
rental income generated from these units based on current market rents.”
In addition to The Rock, the Company, together with its partners,
currently has over 3,000 residential units globally in various stages of
planning and construction within or adjacent to existing income
producing assets. Included in this total are over 1,000 units at Capitol
Towers in Sacramento, California, 225 units at State Street and over 350
units at Clancy Quay in Dublin, Ireland. These projects are in various
stages of planning, and the Company may decide in the future to complete
the entitlement process but not to proceed with the construction of
units on certain of these projects.
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 25 offices in the U.S., U.K., Ireland, Spain, Jersey 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