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Kennedy Wilson Acquires Prime Greater London Office Campus In Off-Market Transaction For £136 Million

BEVERLY HILLS, Calif.--(BUSINESS WIRE)-- Global real estate investment company Kennedy Wilson (NYSE: KW) and its equity partner have closed on the acquisition of The Heights, a 348,000-square-foot institutional quality office campus with five buildings across 25 acres in the Greater London sub-market of Weybridge for £136 million, reflecting a cap rate of 7.1 percent.

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The Heights

The Heights (Photo: Business Wire)

The partnership invested £64 million of equity in the off-market transaction. Kennedy Wilson’s ownership interest in The Heights is 51 percent.

“The Heights offers a unique opportunity to recycle proceeds from recent U.K. sales where we completed our business plans into a top-tier office asset in one of Greater London’s strongest markets with office vacancy rates at less than five percent,” said Mike Pegler, Head of U.K. for Kennedy Wilson. “We are well positioned to replicate the success we’ve had at our other South East office properties. The Heights will form part of our long-term U.K. portfolio, where we can improve NOI through planned capital and asset management, focused around tenant engagement programs.”

The Heights is currently 97% occupied, with a weighted average lease term of 4.8 years and rents below current local market rents. The office campus features a strong line up of corporate tenants including Alliance Boots, AXA, Samsung, Royal Caribbean Cruises and PGS Exploration.

The Heights is located in close proximity to London’s orbital motorway, M25, which connects to Heathrow and Gatwick airports, and offers connectivity by train to Central London.

About Kennedy Wilson

Kennedy Wilson (NYSE:KW) is a global real estate investment company. We own, operate, and invest in real estate both on our own and through our investment management platform. We focus on multifamily and commercial properties located in the Western U.S., UK, Ireland, Spain, Italy and Japan. To complement our investment business, the Company also provides real estate services primarily to financial services clients. For further information on Kennedy Wilson, please visit:

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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Kennedy Wilson
Daven Bhavsar, CFA
Vice President of Investor Relations
+1 (310) 887-3431

European Media
FTI Consulting
Dido Laurimore / Eve Kirmatzis
+44 20 3727 1000

U.S. Media
Kennedy Wilson
Emily Heidt
Director of Public Relations
+1 (310) 887-3499


Kennedy Wilson
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