$115 million financing is fixed for seven years, $7 million financing
is fixed for five years
BEVERLY HILLS, Calif.--(BUSINESS WIRE)--Mar. 26, 2013--
International real estate investment and services firm Kennedy
Wilson (NYSE: KW) today announced that KW Residential, LLC,
the company’s unconsolidated Japanese venture, refinanced part of its
multifamily portfolio with a $115 million seven-year fixed-rate loan at
1.35%.
“We are very pleased to be able to do our first seven year loan in Japan
while at the same time locking in the lowest interest rate in the
company’s history,” said Matt Windisch, executive vice president of
Kennedy Wilson. “Our Japanese business has been a source of stable and
growing cash flow for the company and this loan will help continue that
trend.”
Additionally, the company announced that KW Residential, LLC completed a
$7 million refinancing of a different part of its portfolio for five
years, also at a fixed rate of 1.35%. KW Residential, LLC’s property
financing in Japan totals $300 million with a weighted average interest
rate of 1.69% and average maturity date of January 2018.
Kennedy Wilson has been active in Japanese real estate since 1992, and
in 2002, one of the company’s former subsidiaries became one of the
first U.S. real estate companies to go public in Japan.
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., Europe and Japan. For further information on Kennedy Wilson,
please visit www.kennedywilson.com.
Source: Kennedy Wilson
Kennedy Wilson
Christina Cha
VP of Corporate Communication
(310)
887-6294
[email protected]
www.kennedywilson.com