US investor Kennedy Wilson is reportedly planning to raise £750 mln (€912 mln) in an initial public offering on the London Stock Exchange.
US investor Kennedy Wilson is reportedly planning to raise £750 mln (€912 mln) in an initial public offering on the London Stock Exchange.
According to a news report by PropertyWeek, the new company will invest in opportunistic and distressed real estate in the UK, Ireland and Spain and will not be seeded by any of Kennedy Wilson's existing assets.
It is expected that the new company will ultimately have a debt-to-equity ratio of around 50%, providing it with up to £1.5 bn of firepower. Mary Ricks, president of Kennedy Wilson Europe, is expected to manage the new vehicle.
The California-based firm has appointed Bank of America Merrill Lynch and Deutsche Bank to advise on the listing.
Kennedy Wilson has been on a spending spree in Europe over the past two years during which it has spent over €3 bn in opportunistic acquisitions in crisis-hit markets such as Ireland and Spain.
Last year, the US group completed the largest single CMBS acquisition in Ireland in the current economic cycle with the purchase of the matured Opera Finance CMBS portfolio consisting of 14 properties in Ireland.
