Corporate News Blog – Kennedy-Wilson Acquires 90 East; Set to Expand its Portfolio in the U.S.

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LONDON, UK / ACCESSWIRE / June 5, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Kennedy-Wilson Holdings, Inc. (NYSE: KW). The Company announced on June 02, 2017, that it has acquired 90 East, a 573,000 sq. ft., office campus in Bellevue, Washington. The campus consists of three Class-A office buildings, which the Company has acquired for $153 million, in an off-market transaction. For immediate access to our complimentary reports, including today’s coverage, register for free now at:

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The Announcement

Kennedy-Wilson plans to expand its presence in Washington by acquiring 90 East, a high-quality office asset, below replacement cost in a highly developed submarket. The Company announced that the building is completely occupied by two business conglomerates and offers a strong initial cash flow yield and the potential to earn attractive long-term risk-adjusted returns for the Company.

90 East

This building was built between 1999 and 2001, on a 20-acre site in Issaquah, Washington. This institutional quality office campus is 100% leased to Microsoft (NASDAQ: MSFT) and Costco with a weighted-average lease term of 5.3 years. The office campus is located 10 miles downtown Bellevue and generated about $13 million of net operating income in the last 12 months. Kennedy-Wilson, post the transaction, holds an ownership interest in the 1.4 million sq. ft. of office and 10,430 multifamily units in the State of Washington.

Kennedy-Wilson Growth Portfolio

Kennedy-Wilson is a leading real investment firm with 26,000 multifamily units and 18 million commercial sq. ft., under its portfolio. The Company additionally holds ownership interests in 5 hotels and 582 residential units across the Western US, UK, Ireland Spain, Italy, and Japan. The Company currently holds 5 million commercial sq. ft., of space in the US with 21,636 apartments, 309 residential lots, and 2 hotels, according to the Q1 FY17 results, for the period ending March 31, 2017. In Europe, the Company holds 13 million commercial sq. ft., under its portfolio, with around 1,827 apartments and 3 hotels as of March 31, 2017.

Acquisitions

Recently, on May 25, 2017, the Company acquired a 100% interest in a 437,000 sq. ft., office campus for $144 million in Glendale, California, through Kennedy Real Estate Fund V. The office building consists of two Class-A office buildings, where the Company funded the acquisition through a total of $50 million of equity and secured a five-year interest-only loan for $94 million.

The property is currently 88% leased to 21 tenants, where more than 4,000 multifamily units have been delivered or approved for development since 2013. Kennedy-Wilson currently holds a 12% interest in Fund V’s portfolio of 18 offices, with a gross purchase price of $1.0 billion.

Prior to the announcement on May 15, 2017, the Company announced that in a joint venture with Fairfax Financial Holdings Limited and the National Management Agency, J.P. Morgan Bank (Ireland) will become the first major occupier to commit to the highly-sought after Capital Dock campus development through a forward-funding sale agreement.

Extending over 4.8 acres, the Capital Dock is designed by Irish architecture firm O’Mahony Pike and includes 345,000 sq ft of office space across 100, 200, and 300 Capital Dock and 190 rented residential units. J.P Morgan acquired 200 Capital Dock, an office building of 130,000 sq ft., in front of the River Liffey, through a funding sale agreement expected to coincide with the completion of the building, which is expected in Q3 FY18.

Last Close Stock Review

At the close of trading session on Friday, June 02, 2017, Kennedy-Wilson Holdings’ stock price rose 1.80% to end the day at $19.75. A total volume of 738.50 thousand shares were exchanged during the session, which was above the 3-month average volume of 556.49 thousand shares. The Company’s shares are trading at a PE ratio of 188.10 and have a dividend yield of 3.44%. The stock currently has a market cap of $2.22 billion.

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