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KENNEDY-WILSON SCORES MULTIMILLION DOLLAR COMMERCIAL PROPERTY SELLOUT IN AUSTRALIA

 SANTA MONICA, Calif., Oct. 5 /PRNewswire/ -- American marketing firm Kennedy-Wilson Inc. made a substantial mark in the Australian property market with the successful sealed bid sale of 41 investment properties. The sale was conducted on behalf of the National Australia Bank, one of the country's largest financial institutions and considered Australia's most profitable bank. All offers are still in final review and projections put high bids in excess of $100 million.
 The properties are located in major cities in five Australian states. Included were CBD office towers; shopping centers; mixed-use commercial and residential developments; hotels and industrial buildings. Of the 200 bids that poured in from Australia, Taiwan, Hong Kong, Singapore and Kuala Lumpur, over 60 percent were submitted with broker cooperation. The large broker participation signaled wide-spread acceptance by the brokerage community. The sale was the largest of its kind to be held in Australia.
 The selection of Kennedy-Wilson drew national attention as did many aspects of the sale that were unique to the Australian marketplace. The firm, a leader in auction-marketing and sealed bid sales in the United States, opened an Australian division in Queensland in 1992 after its highly successful oral auction of 66 luxury homes on Australia's Gold Coast. Within six months, the company was hired by National Australia Bank as a marketing consultant as part of the bank's overall strategy to continue to hone its current operations and focus on core banking business and financial services.
 In a country which has conducted oral auctions and sealed bid sales for close to a century, Kennedy-Wilson's benchmark "Threshold Values" assigned to each property, pre-packaged financing, bidder registration procedures, detailed Due Diligence packages and "no pre-sale before bid deadline" terms, introduced a totally new slant on the country's familiar marketing methods. These features and Kennedy-Wilson's outreach to selling agents through an aggressive broker cooperation program were considered particularly innovative features.
 Bank officials were extremely satisfied with the sales results, and both the National Australian Bank and the Australian press termed the sale a great success. Industry experts are watching closely to see Kennedy-Wilson's next move in the commercial property market in coming months. The company is slated to sell over $2 billion worth of real estate this year.
 -0- 10/5/93
 /CONTACT: Mary Ricks or Brooke Lauter of Kennedy-Wilson, 310-314-8400/


CO: Kennedy-Wilson Inc.; National Australia Bank ST: California IN: FIN SU: RLE

JL-MF -- LA006 -- 8699 10/05/93 08:16 EDT
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Publication:PR Newswire
Date:Oct 5, 1993
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