International real estate investment and services firm Kennedy Wilson ( NYSE: KW) today announced that the company and its partners acquired three office buildings in the Los Angeles area for a total of $78.5 million. Kennedy Wilson invested $6.5 million of equity in the transactions. These acquisitions bring the total purchases of real estate related assets by the company and its partners to $8.0 billion since 2010, including $2.9 billion in 2012.
Additionally, due to several significant year end payoffs, the UK loan pool representing $2.1 billion in unpaid principal balance (at a purchase price of 80%) acquired in 2011 by the company and its partners has now been paid down to approximately $0.8 billion (at an average resolution value in excess of 95%). Kennedy Wilson owns a 12.5% interest in the loan pool as well as a potential promoted interest in the profits of the partnership.
“The company’s acquisition activity over the last three years reflects remarkable teamwork and our ability to execute on significant opportunities globally,” said William McMorrow, chairman and CEO of Kennedy Wilson. “Additionally, we are also pleased to report great progress in implementing our business plan on the UK loan pool that we acquired at the end of last year. Resolutions are coming in faster and at better recovery rates than we originally anticipated.”
The company’s latest acquisitions include Marina View in Marina del Rey, Royal Beverly Glen in Los Angeles and Tri Center in the San Fernando Valley. Marina View is comprised of a six-story, 60,918 RSF office building, a single story 14,774 RSF retail building and two stories of structured parking. Royal Beverly Glen is a Class A, four-story, 77,749 square foot office building in the Century City submarket of Los Angeles, and Tri Center is a Class A, four-story, 143,256 square foot office building in the Van Nuys submarket.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV