Kennedy Wilson Europe Real Estate (KWE) has completed the acquisition of subordinate loans backed by a mixed-use property portfolio in England and Scotland.
Kennedy Wilson Europe Real Estate (KWE) has completed the acquisition of subordinate loans backed by a mixed-use property portfolio in England and Scotland.
The loans, B1/B2/B3, are secured by the Fordgate Jupiter Portfolio and have an unpaid principal balance of about £119 mln (€145 mln). KWE said it acquired the loans - which are subordinate to a £258 mln securitisation - at a discount.
The Fordgate Jupiter Portfolio comprises 21 properties located in England and Scotland, with a mix of office, car showroom, leisure, retail and distribution properties. The assets, KWE said, are mainly of high quality, with strong tenant and investor demand and good individual asset liquidity.
KWE is a closed-end fund established by New York-based private equity firm Kennedy Wilson that invests in real estate and real estate loans in Europe, initially in the UK, Ireland and Spain, and other European countries on an opportunistic basis.
In February, KWE raised about €1.1 bn from its initial public offering on the London Stock Exchange in February. In addition to this loan acquisition, the company is seeded by two real estate portfolios acquired for £223 mln. Combined the portfolios comprise 40 office, industrial and retail properties totalling approximately 241,000 m2 and located throughout the UK.