The Real Estate Investment Funds team advised Kennedy Wilson (NYSE: KW) in its new joint venture with a global institutional investor to acquire and manage core-plus multifamily communities in the Western US. The platform was seeded with an $800 million portfolio, including nine multifamily properties located in the Western US that were previously wholly owned by Kennedy Wilson. As part of the transaction, Kennedy Wilson sold a 49% interest in these wholly owned assets to its partner. The company will continue to have a 51% ownership stake in the new joint venture that will target approximately $700 million in additional core-plus acquisition opportunities.
The creation of the new platform and the sale of the ownership stake in the multifamily assets generated approximately $254 million in proceeds for Kennedy Wilson, which includes $92 million of proceeds from refinancing certain assets within the seed portfolio prior to the sale. The majority of these proceeds are expected to be reinvested into new wholly owned acquisitions.
Kennedy Wilson is a leading global real estate investment company that owns, operates, and invests in real estate through the company’s balance sheet and through their investment management platform. The company focuses on multifamily and office properties located in the Western US, UK, and Ireland.
The Goodwin team was led by John Ferguson, Benjamin Hittman, Collette Goodman, Jeremy Simon, Samuel Baldinger and Neal Sandford.
For additional details on the new platform, please read the press release.