Kennedy Wilson Europe Real Estate plc Acquires Fordgate Jupiter Portfolio
Further to the announcements on 9 May, 5 June and 6 June 2014, Kennedy Wilson Europe Real Estate plc ("KWERE" or the "Company"), a LSE listed closed ended investment fund that invests primarily in real estate and real estate loans in Europe (LSE: KWE), is pleased to announce that it has completed the acquisitions of the Fordgate Jupiter Portfolio in the UK, the Central Park and Opera property portfolios in Ireland and the Liffey Trust Building in Dublin for an aggregate consideration of approximately £685 million* (including approximately £202 million* of assumed non-recourse debt).
Following the completion of the recent acquisitions, the Company has now invested, or committed to invest, over 85% of the net cash proceeds received by it from its IPO in February 2014. As stated in the Company's IPO prospectus, the Company intends to target a LTV ratio of 50%, and currently has approximately £202 million* of assumed non-recourse debt in the Group.
Mary Ricks, President and CEO of Kennedy Wilson Europe, commented: "The successful completion of these significant acquisitions represents excellent progress towards our goal of building a large-scale and diverse portfolio, with numerous active asset management and value-add opportunities. We are pleased with the high quality of assets that now comprise our investment portfolio and the timing of our acquisitions at this point in the property cycle."