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United States : Kennedy Wilson Europe Real Estate Plc Completes Purchase of 26 Property Portfolio in England and Scotland for Au144 Million.

Global real estate investment and services firm Kennedy Wilson today announced that Kennedy Wilson Europe Real Estate plc, an investment vehicle sponsored and managed by Kennedy Wilson, has acquired a high quality mixed use portfolio of 26 properties located in England and Scotland in an off market transaction totaling approximately Au144 million.

Mary Ricks, president and CEO of Kennedy Wilson Europe, commented, We are pleased to be able to acquire this portfolio of high quality institutional assets which boast strong tenant demand and the opportunity to add value by leasing up vacant space.

The portfolio is a part of the seed portfolio of KWE and includes five retail properties, seven office properties, one retail warehouse and 13 industrial estates. Acquired for an aggregate acquisition price of approximately Au223 million, the two real estate portfolios acquired to date by KWE together are comprised of 40 office, industrial and retail properties totaling approximately 2.6 million sq. ft. and located throughout the United Kingdom.

In February 2014, KWE successfully raised approximately Au1 billion of equity in an initial public offering on the London Stock Exchange. The funds raised will allow KWE to take advantage of a strong deal pipeline across Europe, with an initial focus on the UK, Ireland and Spain. Kennedy Wilson is the investment manager and a 12.2% shareholder in KWE. In exchange for its services as investment manager, Kennedy Wilson is entitled to receive management fees as well as performance fees based upon annual asset appreciation.

With its first two acquisitions, KWE has now invested nearly a quarter of the proceeds from its initial public offering, said Ricks. Our pipeline remains robust as we continue to evaluate and pursue many interesting opportunities in our target markets.

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Publication:Mena Report
Geographic Code:4EUUK
Date:Apr 1, 2014
Words:301
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