Company to receive net proceeds of approximately $100 million from
the sale; enters into a 3 year agreement to manage the portfolio
BEVERLY HILLS, Calif.--(BUSINESS WIRE)--Jun. 1, 2015--
Global real estate investment and services firm Kennedy Wilson (NYSE:
KW) today announced that the company and its equity partners
completed the sale of their equity interests in 49 multifamily buildings
located throughout Japan, with the closing of one building in the
transaction scheduled to occur in the second or third quarter of 2015.
The transaction values the 50 building, 2,410 unit portfolio at 58.5
billion JPY (approximately $472 million), including the assumption of
mortgage debt and net assets. The net proceeds to Kennedy Wilson total
approximately $100 million, which equates to an approximate $64 million
cash profit over the life of the investment. Kennedy Wilson expects to
invest alongside the purchaser to retain 5% of the equity interests in
the portfolio. In addition, Kennedy Wilson will continue to manage the
portfolio for a minimum term of 3 years.
“Our management team in Japan has grown the net operating income of the
portfolio, coinciding with a strengthening Japanese real estate market,”
said Matt Windisch, Executive Vice President of Kennedy Wilson. “The
proceeds from this sale will be used to invest in both new opportunities
and value-add initiatives within our existing portfolio in the US and
Europe. Over the last two decades, Kennedy Wilson has had a successful
track record in Japan and we are very pleased that our team will remain
in place to continue to evaluate future opportunities.”
Kennedy Wilson originally entered the Japanese real estate market in
1995 as Kennedy Wilson Japan. Kennedy Wilson Japan completed its initial
public offering in 2002 and is now listed on the Tokyo Stock Exchange as
Kenedix. Kennedy Wilson sold its interests in Kenedix in 2003 and began
assembling this Portfolio in 2006.
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.
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Source: Kennedy Wilson
Kennedy Wilson
Christina Cha
Vice President of Corporate
Communication
(310) 887-6294
[email protected]
www.kennedywilson.com