Wired News – Kennedy-Wilson Sells Six-Property Multifamily Portfolio
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LONDON, UK / ACCESSWIRE / May 31, 2018 / If you want access to our free research report on Kennedy-Wilson Holdings, Inc. (NYSE: KW), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=KW as the Company's latest news hit the wire. On May 29, 2018, the Company announced that it has sold a six-property multifamily portfolio totaling 2,199 units, for approximately $422 million. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Kennedy-Wilson Holdings most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
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Asset Sales Generated Cash Proceeds of $223 Million
The asset sales generated cash proceeds of $223 million for Kennedy-Wilson, and for its commingled funds and equity partners, including net proceeds to the Company of approximately $104 million. The Company had a 41.3% average ownership in the six properties. For the full fiscal year, Kennedy-Wilson completed $202 million in multifamily acquisitions, totaling 956 units in the Western US and Ireland. The Company also has 2,530 multifamily units under development or in design.
Property Details
The six garden-style apartment communities were originally built between 1989 and 1999, and have undergone improvement plans including exterior renovations and unit upgrades under Kennedy-Wilson's ownership. Located across four states, the properties in the portfolio include Slate Creek in Roseville, CA with 612 units; Xander 3900 in the Las Vegas Valley with 480 units; Big Trout Lodge in the City of Liberty Lake, WA with 297 units; Heatherbrae Commons in Milwaukie, OR with 174 units; Montair at Somerset Hill in Tumwater, WA with 396 units; and StonePointe in University Place, WA with 240 units.
Portfolio Sale Enables Kennedy-Wilson to Recycle Capital into Other Strategic Investment Opportunities
Commenting on the announcement, William J. McMorrow, Chairman and Chief Executive Officer (CEO) of Kennedy-Wilson, stated that this portfolio sale enables the Company to recycle capital into other strategic investment opportunities. McMorrow added that these six properties represent the successful roll-out of Kennedy-Wilson's value-add asset management initiatives, and the Company is pleased to see those efforts create compelling value for its investors.
Kennedy-Wilson and AXA Investment Managers - Real Assets Irish PRS Joint Venture
On May 08, 2018, Kennedy-Wilson and AXA Investment Managers - Real Assets ("AXA"), which is a global leader in real asset investments and the leading real estate portfolio and asset manager in Europe, entered into a joint venture (JV) targeting the Irish Private Rented Sector (PRS). The JV with AXA, on behalf of its clients, was expected to commence with 1,173 units across three of Kennedy-Wilson's Dublin PRS schemes, namely Alliance, Clancy Quay, and Sandford Lodge. These were premier PRS assets in prime city-center and suburban Dublin locations. Kennedy-Wilson would continue to hold its current 50% interest in the three assets. The JV would seek PRS development and investment opportunities across Ireland, targeting Dublin and other large urban centers. Kennedy-Wilson would act as overall asset manager for the JV.
About Kennedy-Wilson Holdings, Inc.
Founded in 1977 and headquartered in Beverly Hills, California, Kennedy-Wilson is a global real estate investment Company, owning, operating, and investing in real estate on its own and through its investment management platform. Kennedy-Wilson focuses on multifamily and commercial properties located in the Western US, the UK, Ireland, Spain, Italy, and Japan.
Stock Performance Snapshot
May 30, 2018 - At Wednesday's closing bell, Kennedy-Wilson's stock rose 2.28%, ending the trading session at $20.20.
Volume traded for the day: 615.10 thousand shares.
Stock performance in the last month – up 6.60%; previous three-month period – up 23.55%; past twelve-month period – up 3.59%; and year-to-date - up 16.43%
After yesterday's close, Kennedy-Wilson's market cap was at $2.93 billion.
Price to Earnings (P/E) ratio was at 55.04.
The stock has a dividend yield of 3.76%.
The stock is part of the Financial sector, categorized under the Property Management industry. This sector was up 1.6% at the end of the session.
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