Value-Add Fund to Target Western U.S. Properties
Global real estate investment firm Kennedy
Wilson (NYSE: KW) today announced that it successfully
completed fundraising for Kennedy Wilson Real Estate Fund V (“Fund V” or
the “Fund”). Fund V, a U.S. value-added closed-end fund, raised $500
million of capital commitments, including $60 million from Kennedy
Wilson with an investor base that spans the U.S., Europe and the Middle
East. The Fund received strong interest from new and existing investors
and is primarily comprised of public and corporate pension funds,
including numerous Fortune 500 companies. The Fund’s flexible mandate
allows for investments across various property types, including
multifamily, office, retail and residential properties and will focus on
Kennedy Wilson’s core West Coast markets.
“We are grateful for the support of all of our investors and their
confidence in our team and our investment strategy,” said William
McMorrow, chairman and CEO of Kennedy Wilson. “Fund V marks the largest
U.S. commingled fund raise in our history and represents an important
milestone for our fund management business.”
Nicholas Colonna, president of fund management at Kennedy Wilson,
commented, “We are proud to have the support of Kennedy Wilson as the
Fund’s largest investor. Our firm’s strong track record and unique
platform resulted in attracting numerous new institutional investors
while also retaining many existing limited partners.”
The Fund has a current portfolio of nine multifamily, office, retail and
residential assets with an aggregate purchase price of $365 million,
deploying $140 million of equity to date.
About Kennedy Wilson
Kennedy Wilson (NYSE:KW) is a global real estate investment company. We
own, operate, and invest in real estate both on our own and through our
investment management platform. We focus on multifamily and commercial
properties located in the Western U.S., UK, Ireland, Spain, Italy and
Japan. To complement our investment business, the Company also provides
real estate services primarily to financial services clients. For
further information on Kennedy Wilson, please visit www.kennedywilson.com.
Special Note Regarding Forward-Looking Statements
Statements in this press release that are not historical facts are
“forward-looking statements” within the meaning of U.S. federal
securities laws. These forward-looking statements are estimates that
reflect our management’s current expectations, are based on assumptions
that may prove to be inaccurate and involve known and unknown risks.
Accordingly, our actual results or performance may differ materially and
adversely from the results or performance expressed or implied by these
forward-looking statements, including for reasons that are beyond our
control. For example, we may not be able to maintain our current
acquisition or disposition pace or identify future properties to acquire
on terms we consider attractive, and our current property portfolio may
not perform as expected. Furthermore, the capitalization rate of our
investments represents the net operating income of an investment for the
year preceding its acquisition or disposition divided by the purchase or
sale price. Capitalization rates represent historical performance and
are not a guarantee of future net operating income. Accordingly, you
should not unduly rely on these statements, which speak only as of the
date of this press release. We assume no duty to update the
forward-looking statements, except as may be required by law.
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