Business & Finance
Business and Finance
Business and Finance
Mon, October 24, 2011 Kennedy Wilson and Institutional Partners Acquire UK Loan Portfolio for $1.8 Billion
BEVERLY HILLS, Calif.--([ BUSINESS WIRE ])--International real estate investment and services firm [ Kennedy Wilson ] (NYSE: KW) today announced that the company and its institutional partners agreed to acquire a loan portfolio from Bank of Ireland for $1.8 billion. A majority of the loan portfolio assets are secured by high quality, London-based office, multifamily and retail properties.
"Under the leadership of Mary Ricks, our new team in Europe played a significant role in this success and the closing adds to our already strong base of business in Europe."
The purchase will close in two phases, with $1.4 billion completed on Friday, October 21 and an additional $400 million expected to close at the end of November. With the two closings, it will increase the estimated value of the assets under the companyas management to $12 billion.
aThis is a landmark deal for Kennedy Wilson,a William McMorrow, chairman and CEO of Kennedy Wilson commented. aUnder the leadership of Mary Ricks, our new team in Europe played a significant role in this success and the closing adds to our already strong base of business in Europe.a
Mary Ricks, executive vice chair of Kennedy Wilson added, aThe Kennedy Wilson team did an excellent job on this complex transaction, and we believe that this closing will serve as a base for the companyas further expansion in Europe.a
In June, Kennedy Wilson announced the acquisition of Bank of Ireland Real Estate Investment Management (BOI REIM), a business that represents approximately $2.3 billion of assets under management. In 2010 and 2011, the company, together with its institutional partners, has acquired approximately $5 billion of real estate and real estate secured debt through joint venture and consolidated investments.
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 ].
