News Column

Kennedy Wilson Europe Real Estate Acquires Property Portfolio For GBP296 Million

June 6, 2014

Rowena Harris-Doughty

LONDON (Alliance News) - Kennedy Wilson Europe Real Estate PLC Friday said it has entered into agreement to acquire a "high quality" mixed use property portfolio for GBP296 million.

The closed-ended investment fund, which invests primarily in real estate and real estate loans in Europe, said it is acquiring the portfolio through a commercial mortgage backed securities loan enforcement, from Dudley Holme-Turner of Cushman & Wakefield and Simon Thomas from Moorfields Corporate Recovery LLP as fixed charged receivers, and Mount Street as borrower security trustee and as mortgagee in possession.

The mixed use Fordgate Jupiter portfolio is made up of 21 assets across the UK, including nine offices, five car showrooms, three leisure properties, one retail and one warehouse.

It said the top seven assets represent 84% of the total value of the portfolio.

Kennedy Wilson Europe Real Estate said the portfolio currently delivers gross rental income of GBP25 million per year, of which 47% is from Scotland and 74% is from the office element.

It said the portfolio is currently let on 167 leases, with a weighted average unexpired lease term of six years to break, and has a vacancy rate of approximately 10% - providing numerous opportunities for income enhancement through letting up vacant space, the company said.

Kennedy Wilson Europe Real Estate shares were up 0.5% at 1,074.0 pence Friday afternoon.

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Source: Alliance News

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