Market Overview

Kennedy Wilson Increases Long-Term Stake in Capital Dock Mixed-Use Campus

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Global real estate investment company Kennedy
Wilson
(NYSE:KW) has increased its stake in the Capital Dock
mixed-use campus(1), in Dublin, to 50% from 42.5%. AXA
Investment Managers – Real Assets ("AXA IM – Real Assets"), a global
leader in real asset investments and the leading(2) real
estate portfolio and asset manager in Europe, acting on behalf of
clients, simultaneously acquired the remaining outstanding stakes from
the other two investors in the project, including the adjoining State
Street building. Kennedy Wilson's share in the State Street building
will be maintained at 50% and Kennedy Wilson will continue to act as
asset manager for the entire mixed-use campus.

With water views on three sides and fronting the River Liffey, Capital
Dock is one of the largest, single-phase developments ever built in
Ireland and is creating a new urban quarter in Dublin. The mixed-use
campus includes two newly developed class A office buildings totaling
216,000 sq ft, the 175,000 sq ft class A State Street building, the
190-unit Capital Dock Residence, approximately 26,000 sq ft of retail
and restaurants and 1.5 acres of public space, including a park for
office occupiers, residents and the wider community.

The total project saw Kennedy Wilson deliver more than 690,000 sq ft of
space at the end of 2018, on time and on budget, and has attracted some
of the biggest names in tech and finance, prior to completion of
development. This included the European headquarters for J.P. Morgan and
Indeed, which committed to occupy all the available office space,
alongside the existing headquarters of State Street, in the adjacent
building to the development. The team has also made good progress in
leasing the 190 multifamily units, extending Kennedy Wilson's top
standard of services and amenities to the Dublin rental market. The
project will also welcome new retailers in the coming year, including a
flagship restaurant and bar with a terrace, a gourmet grocer and
additional artisanal food and beverage offerings.

Peter Collins, President of Kennedy Wilson Europe, said: "Capital
Dock is a cornerstone development in Kennedy Wilson's portfolio and
demonstrates our long-term commitment to Dublin and our determination to
play our part in bringing much-needed commercial and residential
accommodation to the Docklands. We are therefore delighted to extend our
relationship with AXA IM – Real Assets, an experienced global portfolio
and asset manager, to such an important urban quarter for Dublin."

Dublin's PRS and office markets remain supported by Ireland's position
as one of the fastest growing economies in Europe. With unemployment at
the lowest rate in over a decade, Ireland continues to see strong net
immigration with office take-up tracking 75% above its 10-year average.
Dublin's PRS market is underpinned by strong demand for city-center
apartments and increasing demand by residents for a premium level of
resident amenities and services.

 
(1)

Excluding J.P. Morgan's owner-occupied office, sold to J.P. Morgan
in May 2017

(2) Source: INREV/ANREV Fund Manager Survey – May 2018 – in terms of
assets under management
 

About Kennedy Wilson

Kennedy Wilson (NYSE:KW) is a global real estate investment company. We
own, operate, and invest in real estate both on our own and through our
investment management platform. We focus on multifamily and office
properties located in the Western U.S., UK, and Ireland. For further
information on Kennedy Wilson, please visit: www.kennedywilson.com.

Special Note Regarding Forward-Looking Statements
Statements in
this press release that are not historical facts are "forward-looking
statements" within the meaning of U.S. federal securities laws. These
forward-looking statements are estimates that reflect our management's
current expectations, are based on assumptions that may prove to be
inaccurate and involve known and unknown risks. Accordingly, our actual
results or performance may differ materially and adversely from the
results or performance expressed or implied by these forward-looking
statements, including for reasons that are beyond our control.
Accordingly, you should not unduly rely on these statements, which speak
only as of the date of this press release. We assume no duty to update
the forward-looking statements, except as may be required by law.

KW-IR

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