Aug. 18, 2010, 8:12 a.m. EDT
West Coast opportunity/value-added fund closes
BEVERLY HILLS, Calif., Aug 18, 2010 (BUSINESS WIRE) -- International real estate investment and services firm Kennedy Wilson /quotes/comstock/13*!kw/quotes/nls/kw (KW 9.60, -0.24, -2.44%) today announced that the company has raised $125 million of equity for its KW Property Fund III from a diverse group of investors, including university endowments, public funds, foundations, Taft Hartleys and family offices. The company supplements the fund with more than $1 billion of equity from a select group of strategic co-investors that may invest alongside the fund, giving the company over $3.5 billion of buying power.
"Despite a challenging economic environment, our fundraising efforts for KW Property Fund III were successful," Donald J. Herrema, executive vice chairman of Kennedy Wilson, stated. "We are very pleased with the quality and diversity of investors that are participating with us and believe that the fund is a great opportunity for them and for Kennedy Wilson to acquire strategic equity and debt investments."
KW Property Fund III targets equity and debt investments on the West Coast of the U.S. and in Hawaii that have the following characteristics:
-- financially distressed ownership situations
-- under-managed or under-leased assets
-- repositioning opportunities
Kennedy Wilson sources its investments through relationships related to its vertically integrated business structure as a full service real estate operating company.
About Kennedy Wilson
Founded in 1977, Kennedy Wilson is an international real estate investment and services company headquartered in Beverly Hills, CA with 21 offices in the U.S. and Japan. The company offers a comprehensive array of real estate services including property and asset management, brokerage and auction services, and construction and trust management. Through its fund management and separate account businesses, Kennedy Wilson is a strategic investor and manager of real estate investments in the U.S. and Japan. For further information on Kennedy Wilson, please visit www.kennedywilson.com.
Forward-Looking Statements
This news release contains forward-looking statements as well as historical information. Statements of goals and strategies and words such as "plan," "believe," "anticipate," "expect," "objectives," "forecast," "predict" and other similar words are intended to identify forward-looking statements. These forward-looking statements are included in accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, and involve risks, uncertainties and other factors that may cause the company's actual results, performance, or financial condition to be materially different from any results, performance, or financial condition suggested by the statements in this news release.
SOURCE: Kennedy Wilson
Kennedy Wilson
Christina Cha
Marketing & Communications Manager
310-887-6294
ccha@kennedywilson.com
www.kennedywilson.com
Copyright Business Wire 2010
From MarketWatch published on Aug. 18, 2010, 8:12 a.m. EDT