Kennedy Wilson Buys Real Estate Portfolio for 29 UK Assets
International real estate investment and services firm Kennedy Wilson (NYSE: KW) today announced that the company and one of its investment partners acquired a portfolio of 29 U.K. real estate assets for approximately £63 million ($101 million) out of a CMBS pool of assets. Kennedy Wilson invested $21 million of equity in the transaction. The properties were purchased on an all cash basis.
Sixty percent of the portfolio's assets are located in London and the Southeast, with the remaining spread throughout the rest of the country. The asset types are primarily office buildings but also include industrial and retail properties. The combined floor area of the properties is in excess of 1.1 million sq. ft. On a trailing twelve month basis, the properties currently generate a 15% yield.
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.