Kennedy Wilson has sold $178m (€212m) worth of UK properties to an unnamed buyer.
The global real estate investor said the assets sold include the 211-bedroom Fairmont St Andrews luxury resort in Scotland and the 300-acre Leavesden Park business park office asset campus near Watford within Greater London.
Kennedy Wilson said it expects to recycle the amount received from the disposals into other European investment opportunities and to fund existing development projects
Mike Pegler, head of UK for Kennedy Wilson, said following the completion of the company’s renovations at the Fairmont St Andrews, including a targeted sustainability program, Kennedy Wilson has improved the operating performance and grown net operating income by over 50% during the company’s ownership.
“A healthy hospitality investment market and the strong growth credentials of the repositioned Fairmont St Andrews resulted in this successful disposition.”
Pegler said after a comprehensive refurbishment of Leavesden Park, Kennedy Wilson brought in the fashion retailer ASOS to Watford in 2017 and work with them to extend their presence and take occupancy across the entire building in late 2018 on improved lease terms.
“The successful sale of this asset demonstrates the strong demand for well-leased, modern office assets in the South East market where Kennedy Wilson continues to be a leading investor.”