Company closes $111 million of real estate transactions in Los Angeles
BEVERLY HILLS, Calif., Oct 20, 2011 (BUSINESS WIRE) --
International real estate investment and services firm Kennedy
Wilson(NYSE: KW) today announced that it completed $111
million of transactions for the acquisition of three office buildings in
the Los Angeles area.
"We are very pleased with these transactions and our continued
relationship with the seller," commented John Prabhu, president of KW
Commercial Investment Group. "The buildings are excellent assets in some
of the stronger rental markets in Los Angeles."
The properties are part of the office portfolio acquisition previously
announced by the company in June. 9301 Wilshire is located in Beverly
Hills' Golden Triangle and home to leading entertainment agencies,
boutique professional firms and medical specialists. 16501 Ventura
occupies a premier location in Encino along the Ventura Corridor with
excellent access to the 101 and 405 freeways. 9320 Telstar is
strategically located off of the 10 and 605 freeways in one of L.A.
County's tightest office markets.
The company expects to complete the purchase of the additional two
properties in the portfolio by mid-November. Kennedy Wilson's ownership
position in the portfolio is approximately 37%, with the remaining
equity owned by Kennedy Wilson Real Estate Fund IV, Fairfax Financial
and The LeFrak Organization.
Kennedy Wilson has acquired $2.8 billion of real estate through
consolidated and joint venture investments since the beginning of 2010
and currently has a total of approximately $10 billion in assets under
management.
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., Europe and Japan. The company offers a
comprehensive array of real estate services including auction,
conventional sales, property services 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., Europe 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