Kennedy Wilson has acquired real estate and real estate loans with an aggregate acquisition value in excess of GBP1 billion, including approximately GBP206 million of assumed non-recourse debt, since its IPO in February 2014.
Upon completion of the acquisition of the Fordgate Jupiter Portfolio and other acquisitions which are due to complete in the next two months, the company’s investment portfolio will comprise:
· Seven portfolios of properties (including the Central Park and Opera property portfolios in respect of which conditional acquisition agreements have been entered into), comprising in aggregate 77 office, industrial, retail, multi-family, leisure and mixed-use properties, of approximately six million sq ft in aggregate across the UK and Ireland;
· One loan portfolio comprising five real estate loans under receivership secured against five high tech properties located across England; and
· A direct minority interest in the Corbo syndicated loan, secured against 1.56 million sq ft of 20 retail assets, with 18 of them located in Northern Ireland and the remaining two in Scotland.
Following the completion of all the acquisitions entered into by the company, it is expected to have an investment portfolio with:
· An aggregate gross income per annum of approximately GBP77 million;
· An approximate 89 per cent occupancy rate by area across the property portfolios;
· A weighted average unexpired lease term of approximately 9.1 years across the property portfolios; and
· The top 10 properties by acquisition value representing approximately 56 per cent of the total property portfolio value and approximately 46 per cent of the gross rental income of the company. These 10 high-quality assets are occupied by a range of international blue chip tenants.
Mary Ricks, president and CEO of Kennedy Wilson Europe, says: “We have made excellent progress since the IPO in delivering on our strategy of building a large-scale and diverse portfolio of real estate and real estate loans. By leveraging our team’s experience and relationships with financial institutions, we have successfully assembled a high quality portfolio which offers strong income streams, as well as the opportunity for returns achieved through the value enhancing asset management initiatives we have identified.”