Kennedy Wilson makes £503m swoop on UK property assets

 
Kasmira Jefford
Follow Kasmira
KENNEDY Wilson Europe Real Estate has bought a £503m portfolio of 180 mixed-use properties from receivers working on behalf of Aviva Commercial Real Estate Finance.

The company, part of the Beverley Hills-based property group that raised £1bn through a London float earlier this year, said the 3.5m square feet portfolio is spread across the UK, with half of the buildings in London and the south east.

“This significant portfolio acquisition allows us to access a high quality mixed use portfolio with strong tenant covenants generating robust income streams at a material discount to the original loan amounts,” chief executive Mary Ricks said.

The portfolio is over 98 per cent let to tenants including retailers Debenhams and Matalan. Kennedy Wilson said some of the top assets include a Travelodge hotel in King’s Cross, London and the Asda Superstore in Hemel Hempstead.

The deal is expected to complete at the end of January and will be funded from the company’s cash resources and a new £352.3m secured loan facility with Aviva.

Related articles