BEVERLY HILLS, Calif.--(BUSINESS WIRE)--Jan. 17, 2013--
International real estate investment and services firm Kennedy
Wilson (NYSE: KW) today announced that the company and one of
its investment partners acquired a portfolio of 29 U.K. real estate
assets for approximately £63 million ($101 million) out of a CMBS pool
of assets. Kennedy Wilson invested $21 million of equity in the
transaction. The properties were purchased on an all cash basis.
Sixty percent of the portfolio’s assets are located in London and the
Southeast, with the remaining spread throughout the rest of the country.
The asset types are primarily office buildings but also include
industrial and retail properties. The combined floor area of the
properties is in excess of 1.1 million sq. ft. On a trailing twelve
month basis, the properties currently generate a 15% yield.
“This portfolio is an excellent mix of assets with significant value-add
opportunity,” said Mary Ricks, president and CEO of Kennedy Wilson
Europe. “We believe that our asset management expertise will allow us to
maximize the potential of the properties and provide excellent returns
for Kennedy Wilson and our partner.”
Last month, the company, in partnership with a European financial
institution, acquired a large U.K.-based commercial loan portfolio
secured by real estate. Since the beginning of last year, Kennedy Wilson
has completed $1.5 billion of acquisitions in Europe, including
$1 billion of acquisitions since the beginning of the fourth quarter. In
total, Kennedy Wilson has contributed approximately $131 million into
these transactions.
About Kennedy Wilson
Founded in 1977, Kennedy Wilson is an international real estate
investment and services company headquartered in Beverly Hills, CA with
24 offices in the U.S., U.K., Ireland, Spain 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.
Cautionary Statement
We calculate the yield for an individual real estate asset by dividing
the net operating income for such asset for the twelve-month period
prior to our acquisition of such asset by the purchase price for such
asset. We caution you not to place undue reliance on the yield
referenced in this release because the net operating income figures used
in such calculation are based solely on the data that were made
available to us during the diligence processes for the acquisitions
referenced in this release. Moreover, past operating results should not
be relied upon as an indication of future operating results. In
addition, net operating income is calculated on a non-GAAP basis.
Source: Kennedy Wilson
Kennedy Wilson
Christina Cha
VP of Corporate Communication
(310)
887-6294
[email protected]
www.kennedywilson.com