International real estate investment and services firm Kennedy Wilson ( NYSE: KW) today announced a new framework with a global financial institution targeting the acquisition of €2 billion ($2.5 billion) of performing, sub-performing and non-performing loans secured by commercial and residential real estate in Europe, with a focus on the United Kingdom and Ireland.
Mary Ricks, president and CEO of Kennedy Wilson Europe, commented, “We believe the Eurozone banking sector will continue to present many attractive opportunities in the property space, and Kennedy Wilson’s operating platforms in London and Dublin will enable us to identify opportunities for the framework.”
Kennedy Wilson will potentially act as the asset manager and/or master servicer in respect of assets acquired under the framework and will co-invest with its partner along with other potential investors in connection with assets acquired under the framework.
The framework does not create a binding legal agreement between the parties, and the parties will agree on the structure of any transaction under the framework on a case by case basis.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, research 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.
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