This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Kennedy Wilson And Partners Complete $2.9B Of Acquisitions In 2012 For A Total Of $8.0B Of Acquisitions Since 2010

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.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,643.01 -11.76 -0.07%
S&P 500 1,988.87 +1.21 0.06%
NASDAQ 4,828.3250 +15.6170 0.32%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs