Kennedy Wilson to acquire European subsidiary

Los Angeles /
Apr.April 25, 2017 12:00 PM

Beverly Hills real estate firm Kennedy Wilson Holdings will combine shares with its European counterpart, Kennedy Wilson Europe Real Estate, it announced Monday.

The European firm was spun off as a United Kingdom-based public company in 2014, the Los Angeles Business Journal reported.

The combined companies will have market capitalization of $4 billion and a portfolio of 400 sites worldwide.

William McMorrow, CEO of Kennedy Wilson, said the company should be able to boost dividends by 12 percent following the transaction, which is expected to close in the third quarter.

“The enterprise will benefit from greater scale and improved liquidity, which will enhance our ability to generate attractive risk-adjusted returns for our shareholders,” he said in a statement.

Kennedy Wilson Europe Real Estate owns office and retail properties throughout the U.K. and Ireland. Its portfolio includes more than 200 assets valued at $3.68 billion, according to the journal. [LABJ]Subrina Hudson


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