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Kennedy Wilson Announces Plan for up to $250M Investment Partnership with Fairfax Financial

^{Published on 2010-05-27 11:15:15 - Market Wire}
 

BEVERLY HILLS, Calif.--([ BUSINESS WIRE ])--International real estate investment and services company Kennedy Wilson (NYSE: KW) today announced the planned formation of a new partnership with Fairfax Financial Holdings Limited (TSX: FFH)(TSX: FFH.U) (aFairfaxa) to pursue acquisitions of commercial real estate assets, including purchasing loans and real property. Fairfax will provide up to a $250 million capital commitment. This news follows the recent announcement of Fairfaxa™s purchase of up to $100 million of Kennedy Wilson convertible preferred stock.

"Kennedy Wilsona™s strong investment track record and exceptional ability to source, manage and sell properties, make them a unique partner and an excellent choice for Fairfax in pursuing current value in the commercial real estate sector, particularly in California."

aWe are extremely pleased about working with Fairfax on both the corporate level and deal level,a said William McMorrow, chairman and CEO of Kennedy Wilson. aFairfax is such a well respected company with an extraordinary reputation worldwide.a

Kennedy Wilson will lead the sourcing and negotiation of investment opportunities in addition to holding key responsibility for due diligence, financing, property management, asset management and disposition.

Chairman and CEO of Fairfax, Prem Watsa, commented, aKennedy Wilsona™s strong investment track record and exceptional ability to source, manage and sell properties, make them a unique partner and an excellent choice for Fairfax in pursuing current value in the commercial real estate sector, particularly in California.a

About Fairfax

Fairfax Financial Holdings Limited is a financial services holding company which, through its subsidiaries, is engaged in property and casualty insurance and reinsurance and investment management.

About Kennedy Wilson

Founded in 1977, Kennedy Wilson is an international real estate investment and services company headquartered in Beverly Hills, CA with 22 offices in the U.S. and Japan. The company offers a comprehensive array of real estate services including property and asset management, brokerage and auction services, and construction and trust management. Through its fund management and separate account businesses, Kennedy Wilson is a strategic investor and manager of real estate investments in the U.S. and Japan. For further information on Kennedy Wilson, please visit [ www.kennedywilson.com ].