Kennedy Wilson Acquires First Tranche of $5.7 Billion Loan Portfolio From Pacific Western Bank
2023年6月9日 - 7:00PM
ビジネスワイヤ(英語)
Off-market transaction will expand Kennedy
Wilson’s national footprint and debt investment platform by
initially adding over $2 billion to fee-bearing capital
Representing one of the first significant real estate debt
transactions in this market cycle, global real estate investment
company Kennedy Wilson (NYSE: KW) has closed on the initial tranche
of loans as part of a $5.7 billion loan portfolio acquisition from
Pacific Western Bank. The first tranche of loans acquired by
Kennedy Wilson and certain controlled affiliates of Fairfax
Financial Holdings Limited (collectively, “Fairfax") (TSX:FFH and
FFH.U), a long-time partner of Kennedy Wilson, totaled $3.25
billion in total commitments and $1.8 billion in current principal
balance. The first tranche of loans was acquired for $1.6 billion.
An additional 12 loans totaling $800 million in commitments are
expected to close on a rolling basis by no later than the end of
July (collectively, “Loan Portfolio”).
The Loan Portfolio is comprised of floating-rate construction
loans that carry a weighted-average interest rate of approximately
8.6%, with approximately 80% of the portfolio secured by
high-quality multifamily and student housing properties and the
remainder including mainly industrial, hotel, and life science
assets. The Loan Portfolio consists of loans located in Kennedy
Wilson’s key Western U.S. markets and expands the company’s
footprint into new regions across the southern and eastern United
States.
In its role as asset manager, Kennedy Wilson will earn customary
fees and will have an ownership of 5% in the Loan Portfolio. The
company is also finalizing arrangements with Pacific Western Bank
for certain employees that originated and currently manage the Loan
Portfolio to join the Kennedy Wilson team.
The $5.7 billion in loans arranged by Kennedy Wilson includes
the $4.1 billion Loan Portfolio, $1.2 billion of loan commitments
to be purchased by a third party ($970 million of which have
already been acquired), and $400 million of loans subject to
further due diligence.
“The acquisition of this Loan Portfolio from Pacific Western
Bank highlights Kennedy Wilson’s historic ability to find
off-market transactions during periods of uncertainty, move with
speed, and build on our successful track record of investing
through all real estate cycles,” said William McMorrow, Chairman
and CEO at Kennedy Wilson. “The foundations of Kennedy Wilson are
our deep relationships, our reputation as a great partner, and our
strength in being nimble when opportunity arises; all of which came
into play with this loan portfolio acquisition.”
“We are pleased to expand our debt portfolio in such a
significant way, which strategically positions our private credit
platform for substantial future growth,” said Matt Windisch,
Executive Vice President at Kennedy Wilson. “We look forward to
welcoming members of the Pacific Western Bank team to Kennedy
Wilson as we further strengthen our debt capabilities and
capacity.”
“We appreciate our long-standing relationship with Kennedy
Wilson and are pleased to partner with them to successfully execute
this asset sale. This transaction will improve our liquidity and
capital as we continue to implement our announced strategy to
return our focus to relationship-based community banking,” said
Paul Taylor, President and CEO of Pacific Western Bank.
The Loan Portfolio acquisition contributes to the rapid
expansion of Kennedy Wilson’s global debt platform, which launched
in 2020 and today totals $7 billion in total gross commitments,
including future fundings and deals under contract, with
significant capacity for growth.
About Kennedy Wilson
Kennedy Wilson (NYSE:KW) is a leading global real estate
investment company. The company owns, operates, and invests in real
estate through the balance sheet and through an investment
management platform across the Western United States, United
Kingdom, and Ireland. Kennedy Wilson primarily focuses on
multifamily and office properties as well as industrial and debt
investments in the investment management business. For more
information on Kennedy Wilson, please visit:
www.kennedywilson.com.
About PacWest Bancorp
PacWest Bancorp (“PacWest”) is a bank holding company
headquartered in Los Angeles, California, with an executive office
in Denver, Colorado, with one wholly-owned banking subsidiary,
Pacific Western Bank (the “Bank”). Pacific Western Bank is a
relationship-based community bank focused on providing business
banking and treasury management services to small, middle-market,
and venture-backed businesses. The Bank offers a broad range of
loan and lease and deposit products and services through
full-service branches throughout California and in Durham, North
Carolina and Denver, Colorado, and loan production offices around
the country. For more information about PacWest Bancorp or Pacific
Western Bank, visit www.pacwest.com.
KW-IR
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version on businesswire.com: https://www.businesswire.com/news/home/20230609005089/en/
Investors Daven Bhavsar, CFA Vice President of Investor
Relations +1 (310) 887-3431 dbhavsar@kennedywilson.com
Media Emily Heidt Vice President, Communications +1 (310)
887-3499 eheidt@kennedywilson.com
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