Newly listed Kennedy Wilson Europe Real Estate has acquired a mixed-use portfolio of 26 properties located in England and Scotland in an off-market transaction.
Newly listed Kennedy Wilson Europe Real Estate has acquired a mixed-use portfolio of 26 properties located in England and Scotland in an off-market transaction.
The transaction was valued at £144 mln (€174 mln).
Mary Ricks, president and CEO of the London-based company, commented, 'We are pleased to be able to acquire this portfolio of high-quality institutional assets which boast strong tenant demand and the opportunity to add value by leasing up vacant space.'
The portfolio is a part of the seed portfolio of KWE and includes five retail properties, seven office properties, one retail warehouse and 13 industrial estates. Acquired for an aggregate acquisition price of approximately £223 mln, the two real estate portfolios acquired to date by KWE together are comprised of 40 office, industrial and retail properties totalling approximately 241,000 m2 and located throughout the UK.
In February 2014, KWE raised £1 bn of equity in an initial public offering on the London Stock Exchange. The funds raised will allow KWE to take advantage of a strong deal pipeline across Europe, with an initial focus on the UK, Ireland and Spain. New York-based parent company Kennedy Wilson has a 12.2% stake in KWE.
'With its first two acquisitions, KWE has now invested nearly a quarter of the proceeds from its initial public offering,' said Ricks. 'Our pipeline remains robust as we continue to evaluate and pursue many interesting opportunities in our target markets.'