London-listed Kennedy Wilson has bought a £93.5 mln (€115 mln) portfolio of non-performing loans from Bank of Scotland, secured against five assets in England from the Project Avon portfolio.

London-listed Kennedy Wilson has bought a £93.5 mln (€115 mln) portfolio of non-performing loans from Bank of Scotland, secured against five assets in England from the Project Avon portfolio.

The assets are described as “high tech properties”, with an initial net operating income of £7 mln (€8.6 mln) a year and rental increases factored in to tenancy agreements. The assets are leased on average for 17 years.

The move, said Mary Ricks, director of Kennedy Wilson Europe, ‘is consistent with our strategy to invest in real estate and real estate loans with strong fundamentals in our target jurisdictions. The acquired loan portfolio is secured against assets with attractive yields on long-term leases to a strong covenant.’