Kennedy Wilson Europe Real Estate has entered into a three-year debt facility of up to £225 mln (€285 mln) with a bank syndicate.

Kennedy Wilson Europe Real Estate has entered into a three-year debt facility of up to £225 mln (€285 mln) with a bank syndicate.

The London-listed company said it intends to use the funds for its general corporate purposes, including acquisitions of certain property and loan assets, meeting working capital requirements, and the payment of capital expenses.

The lending group comprises Bank of America Merrill Lynch as mandated lead arranger; Deutsche Bank and JP Morgan.

The unsecured floating rate revolving loan has a maturity date of 29 August 2017, with drawdown being available up until that date.

'We have a strong investment pipeline and this new unsecured corporate finance facility, which is the company’s first, marks a significant step forward and provides us with additional firepower to capitalise on new investment opportunities and finance further acquisitions quickly, giving us a competitive edge in an active real estate market,' commented Mary Ricks, President and CEO of Kennedy Wilson Europe.

'In addition, it further optimises the company’s capital structure and funding model and assists us in achieving our ultimate goal of delivering attractive returns for our shareholders,' she added.