International real estate investment and services firm Kennedy Wilson (NYSE:
KW) today announced that it has formed a $278 million investment
partnership with subsidiaries of Fairfax Financial Holdings Limited (TSX:
FFH) to pursue acquisitions of real estate assets, including loans
and real property. Kennedy Wilson has committed 10% of the equity and
will manage the partnership.
“Kennedy
Wilson has an extensive and successful track record in Japan, and we are
very pleased to now become partners with the outstanding Kennedy Wilson
management team on the deal level in addition to our prior investments
at the corporate level.”
The partnership has also completed its first major transaction, buying a
65% interest in a Japanese apartment company that has total real estate
assets of approximately $600 million. Kennedy Wilson previously owned
the other 35% of the Japanese company. There are 50 apartment buildings
in the company and, by value, 70% of the apartments are located in Tokyo.
Kennedy Wilson has been doing business in Japanese real estate since
1992 and, in a separate venture, was one of the first U.S. real estate
companies to go public in Japan in 2002, chairman and CEO of Kennedy
Wilson, William McMorrow commented. We are extremely pleased to have
completed our first real estate transaction with Fairfax and look
forward to pursuing many deals together in the future.
Fairfax Financials Chairman and CEO, Prem Watsa, stated, Kennedy
Wilson has an extensive and successful track record in Japan, and we are
very pleased to now become partners with the outstanding Kennedy Wilson
management team on the deal level in addition to our prior investments
at the corporate level.
In addition to the Japan acquisition, Fairfax has previously invested
$132,500,000 in Series A and B convertible preferred stock of Kennedy
Wilson.
Including this acquisition, year-to-date, Kennedy Wilson in conjunction
with its partners has acquired over $1.65 billion of multifamily assets
and loans secured by real estate predominately in California,
Washington, Hawaii and Japan.
About Kennedy Wilson
Founded in 1977, Kennedy Wilson is an international real estate
investment and services company headquartered in Beverly Hills, CA with
21 offices in the U.S. and Japan. The company offers a comprehensive
array of real estate services including property and asset management,
brokerage and auction services, and construction and trust management.
Through its fund management and separate account businesses, Kennedy
Wilson is a strategic investor and manager of real estate investments in
the U.S. and Japan. For further information on Kennedy Wilson, please
visit www.kennedywilson.com.
Forward-Looking Statements
This news release contains forward-looking statements as well as
historical information. Statements of goals and strategies and words
such as plan, believe, anticipate, expect, objectives,
forecast, predict and other similar words are intended to identify
forward-looking statements. These forward looking statements are
included in accordance with the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995, and involve risks,
uncertainties and other factors that may cause the companys actual
results, performance, or financial condition to be materially different
from any results, performance, or financial condition suggested by the
statements in this news release.
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Source: Business Wire