Company also sells office building in North Hollywood, CA, for $69M
BEVERLY HILLS, Calif.--(BUSINESS WIRE)--
Global real estate investment company Kennedy
Wilson (NYSE: KW) today announced that Kennedy Wilson Real Estate
Fund V (“Fund V”) acquired a 100% interest in 400 & 450 N. Brand Blvd.
(“Brand”), a 437,000 sq. ft. office campus consisting of two Class-A
office buildings in Glendale, California, for $144 million. Fund V
invested a total of $50 million of equity, and also secured a five-year
interest-only loan for $94 million.
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400 & 450 N. Brand Blvd. (Photo: Business Wire)
“We are excited to acquire this high-quality asset in a thriving
submarket that we know very well,” said Nicholas Colonna, President of
Commercial Investments and Fund Management. “Brand offers both a strong
initial yield and attractive asset management opportunities within an
area that continues to expand, driven by a large growth in urban housing
and a strong presence of entertainment and other large corporations.”
Brand is an institutional office campus comprised of two class-A office
buildings in Glendale, California. The high-quality property is
currently 88% leased to 21 tenants, including Cigna and the headquarters
for DineEquity and Learner’s Digest International. The property is
located just minutes from The Americana and Glendale Galleria, which
offer 2.5 million square feet of high-end retail and restaurants.
Additionally, since 2013, over 4,000 multifamily units have been
delivered or have been approved for development. Glendale has
transformed into a premier corporate and entertainment hub, and is home
to renowned firms such as Walt Disney Imagineering, Whole Foods, Marvel
Animation, Dreamworks, and Legal Zoom.
Kennedy Wilson is a 12% investor in Fund V. Fund V’s portfolio consists
of 18 office, multifamily, retail, and residential investments with a
gross purchase price of $1.0 billion. With this acquisition, Fund V’s
capital is now approximately 90% invested or committed to existing
investments.
In a separate transaction, as discussed in the company’s Q1-2017
earnings release, Kennedy Wilson completed the sale of a 195,000 sq. ft.
office building in North Hollywood, CA, for $69 million, in which the
company had a 52.5% ownership interest.
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. 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.
KW-IR
View source version on businesswire.com: http://www.businesswire.com/news/home/20170525005331/en/
Investors:
Kennedy Wilson
Daven Bhavsar, CFA
Director
of Investor Relations
(310) 887-3431
[email protected]
Source: Kennedy Wilson