Kennedy Wilson Europe Real Estate plc, a subsidiary of the global real estate investment and services firm Kennedy Wilson, announced this week that it had acquired the Fordgate Jupiter Portfolio for an aggregate consideration of approximately £685 million (including approximately £202 million of assumed non-recourse debt). Following completion of these acquisitions, the company has invested, or committed to invest, over 85% of the net cash proceeds raised through its IPO carried out in February, according to a PropertyEU article.
"This transaction illustrates our unique ability to invest across asset class, capital structure and different instruments to access and control quality real estate assets," said Mary Ricks, President and CEO of Kennedy Wilson Europe. "The highly visible and secure income, complemented by strong underlying tenancies, together with a number of asset management plays, including leasing efforts, which we have already identified in the portfolio, make this an extremely attractive investment for us."
The mixed use Fordgate Jupiter Portfolio includes 21 properties located across the UK, including nine offices, two mixed, five car showrooms, three leisure, one retail and one warehouse, where the top seven assets represent 84% of the total value of the portfolio. Kennedy Wilson Europe Real Estate, which invests primarily in real estate and real estate loans in Europe, said its overall portfolio now consists of seven portfolios of property made up of offices and mixed-use developments, and one loan portfolio comprising five real estate loans under receivership secured against five properties located across England.
For more news and information visit Blumberg Capital Partners.
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