BEVERLY HILLS, Calif., Aug 14, 2012 (BUSINESS WIRE) --Dollar figure in headline and first graph, first sentence should
read: $449 million (sted $567 million).
The corrected release reads:
KENNEDY WILSON AND DEUTSCHE BANK ACQUIRE EUR361M ($449M) IRISH LOAN
PORTFOLIO
International real estate investment and services firm Kennedy
Wilson (NYSE: KW) today announced that the company and its
partner, the European Commercial Real Estate Group of Deutsche Bank AG,
acquired a loan portfolio with an unpaid principal balance of EUR361
million ($449 million).
Mary Ricks, president and CEO of Kennedy Wilson Europe, stated, "This
acquisition is a great win for the company and our partner and is a
reflection of our robust track record as well as the strength of our
local presence in Ireland."
The properties are predominantly commercial real estate assets across a
mixture of asset classes, with the majority located in Dublin.
Consensual workouts are in progress in respect of a majority of the
assets.
"We are seeing signs of recovery in the Irish property market," Ricks
commented. "Investor confidence is returning and there is a good
macro-economic recovery story in Ireland that is starting to play out."
Gibson Dunn's London office as well as Dublin-based William Fry provided
legal advice on the acquisition.
About Kennedy Wilson
Founded in 1977, Kennedy Wilson is an international real estate
investment and services company headquartered in Beverly Hills, CA with
23 offices in the U.S., U.K., Ireland and Japan. The company offers a
comprehensive array of real estate services including auction,
conventional sales, property services, research and investment
management. Through its fund management and separate account businesses,
Kennedy Wilson is a strategic investor of real estate investments in the
U.S., U.K., Ireland and Japan. For further information on Kennedy
Wilson, please visit www.kennedywilson.com.
SOURCE: Kennedy Wilson
Kennedy Wilson
Christina Cha
Director of Corporate
Communication
310-887-6294
[email protected]
www.kennedywilson.com