Kennedy Wilson has invested $81m (€70m) in the UK to buy 252,000sqft of office space across five buildings.
The NYSE-listed global real estate investment company said it has bought the Forum office campus located on the South Coast of the UK, midway between Southampton and Portsmouth.
Developed between 2001 and 2007, the five buildings are part of the Solent Business Park, a mixed-use project that includes over 1m sqft of offices covering over 130 acres.
Mike Pegler, the head of UK for Kennedy Wilson, said: “The acquisition of Forum contributes to our ongoing focus on trading into assets with strong cash flow and high growth potential in the UK.”
Pegler said the Forum was acquired below replacement cost, and the transaction represents a secure initial income stream for Kennedy Wilson with “further upside potential as we implement our capital and asset management programs to improve the tenant experience and enhance sustainability credentials onsite”.
To read the digital edition of the latest IPE Real Assets magazine click here.
