US property investor Kennedy Wilson said on Monday it is teaming up with an unnamed global financial institution to create a EUR 2 bn platform which will invest in performing, sub-performing and non-performing loans secured by commercial and residential real estate in Europe
US property investor Kennedy Wilson said on Monday it is teaming up with an unnamed global financial institution to create a EUR 2 bn platform which will invest in performing, sub-performing and non-performing loans secured by commercial and residential real estate in Europe
The partnership will focus on the UK and Ireland, it added.
'We believe the eurozone banking sector will continue to present many attractive opportunities in the property space, and Kennedy Wilson’s operating platforms in London and Dublin will enable us to identify opportunities for the framework,' said Mary Ricks, president and CEO of Kennedy Wilson Europe.
New York-listed Kennedy Wilson will potentially act as the asset manager and/or master servicer for assets acquired under the framework and will co-invest with its partner along with other potential investors in the assets.
The move comes shortly after the launch by Kennedy Wilson of a EUR 280 mln joint venture with Fairfax Financial to invest in UK and Irish commercial real estate and debt. Fairfax will provide a EUR 250 mln capital commitment alongside a 10% co-investment from Kennedy. Earlier this year the company led a consortium of institutional partners that acquired a loan portfolio from Bank of Ireland for $1.8 bn (EUR 1.3 bn).
