International real estate investment and services firm Kennedy Wilson (NYSE: KW) has announced two closed transactions with a combined value of approximately $147 million last week.
California-based Kennedy Wilson has acquired a 100 percent interest in a Northern California office property and acquired a 50 percent interest in an upscale residential project on the Big Island of Hawaii, with other partners.
The announcement came after the real estate firm announced on June 29 that it has entered into an agreement with two global institutional investors, including an affiliate of Fairfax Financial Holdings Limited.
The transaction will result in gross proceeds of approximately $51.4 million and broaden the company’s shareholder base.
The company said there was no private placement agents were associated with this transaction.
Commenting on the acquisition, William McMorrow, chairman and CEO of the real estate firm, said: “The company has been very active in 2011, and we continue to find opportunities in our target markets.
“We have raised over $1.75 billion of equity and corporate debt for the company and its partnerships since going public in November 2009, allowing us to grow our assets under management to approximately $10 billion.”
Kennedy Wilson’s transactions YTD include $625 million of acquisitions completed or currently under contract, bringing the company’s total acquisitions for the last 18 months to approximately $2.7 billion.
Kennedy Wilson was founded in 1977 and has become an international real estate investment and services company headquartered in Beverly Hills, CA with 23 offices in the U.S., Europe and Japan.