Kennedy Wilson and Fairfax Launch New $2 Billion Real Estate Debt Platform
2020年5月14日 - 7:00PM
ビジネスワイヤ(英語)
Platform to target first mortgage loans secured
by high-quality real estate in the Western U.S., Ireland and the
U.K.
Global real estate investment company Kennedy Wilson (NYSE: KW)
has formed a $2 billion platform with Fairfax Financial Holdings
Limited (TSX: FFH and FFH.U) (“Fairfax”) that will pursue first
mortgage loans secured by high-quality real estate in the Western
U.S., Ireland and the U.K.
In its role as asset manager, Kennedy Wilson expects to coinvest
alongside Fairfax with an average ownership of 20% in the
investments, which will be made without leverage, and will earn
customary management and performance fees.
“The launch of this new debt platform builds on the momentum of
Kennedy Wilson’s expanding investment management business and
leverages our successful track record of investing in debt
opportunities in our key markets,” said William McMorrow, Chairman
and CEO at Kennedy Wilson. “We have enjoyed an outstanding
relationship with Prem Watsa and his team at Fairfax over the past
decade. We are pleased to continue building on our long-term
partnership as we invest together in this changing market
environment.”
“Given our successful history of investing with Kennedy Wilson
since the Great Recession, we are excited to have their team source
new first mortgage opportunities in the months ahead,” said Prem
Watsa, Chairman and CEO of Fairfax. “We are confident in Kennedy
Wilson’s ability to continue delivering long-term value creation
through this new platform.”
Kennedy Wilson and Fairfax first invested together in 2010 when
the two companies acquired $250 million of real estate assets,
including real estate secured loans and real property. Over the
past decade, the companies have partnered on $7 billion in
aggregate acquisitions, including over $3 billion of real estate
related debt investments. In addition, Fairfax currently has an
equity ownership interest in Kennedy Wilson of approximately
9%.
Kennedy Wilson, together with its partners, has purchased or
originated over $6 billion of real estate related debt since
2010.
About Kennedy Wilson
Kennedy Wilson (NYSE:KW) is a leading global real estate
investment company. We own, operate, and invest in real estate
through our balance sheet and through our investment management
platform. We focus on multifamily and office properties located in
the Western U.S., U.K., and Ireland. For further information on
Kennedy Wilson, please visit: www.kennedywilson.com.
About Fairfax
Fairfax is a holding company which, through its subsidiaries, is
engaged in property and casualty insurance and reinsurance and the
associated investment management.
KW-IR
Special Note Regarding Forward-Looking Statements
Statements in this press release that are not historical facts
are “forward-looking statements” within the meaning of U.S. federal
securities laws. These forward-looking statements are estimates
that reflect our management’s current expectations, are based on
assumptions that may prove to be inaccurate and involve known and
unknown risks. Accordingly, our actual results or performance may
differ materially and adversely from the results or performance
expressed or implied by these forward-looking statements, including
for reasons that are beyond our control. Accordingly, you should
not unduly rely on these statements, which speak only as of the
date of this press release. We assume no duty to update the
forward-looking statements, except as may be required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20200514005103/en/
Investors Daven Bhavsar, CFA Vice President of Investor
Relations (310) 887-3431 dbhavsar@kennedywilson.com
Media Emily Heidt Director of Public Relations +1 (310)
887-3499 eheidt@kennedywilson.com
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