{"id":1004194835,"date":"2017-10-24T02:30:02","date_gmt":"2017-10-24T10:30:02","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004194835"},"modified":"2022-12-08T12:13:57","modified_gmt":"2022-12-08T20:13:57","slug":"kennedy-wilson-kennedy-wilson-europe-merge","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/kennedy-wilson-kennedy-wilson-europe-merge\/","title":{"rendered":"Kennedy Wilson, Kennedy Wilson Europe Merge"},"content":{"rendered":"

By Barbra Murray<\/em><\/p>\n

\"William<\/a>

William McMorrow, Kennedy Wilson<\/p><\/div>\n

Six months after announcing plans to merge, Kennedy Wilson Holdings Inc. and Kennedy Wilson Europe Real Estate Plc have completed their unification. KWE is now a wholly owned subsidiary of KW, KW having\u00a0a total market capitalization of approximately $4 billion and an enterprise value of $8 billion.<\/p>\n

The merger comes eight years after KW went public, and marks one of the company\u2019s most significant moves since its inception four decades ago. \u201cWe saw an opportunity to acquire the remaining 76 percent of Kennedy Wilson Europe<\/a> that we did not own with the goal of creating a leading global real estate company,\u201d<\/em> William McMorrow, chairman & CEO of Kennedy Wilson, told Commercial Property Executive.<\/em><\/p>\n

The merger involved both cash and stock. KWE brought to the union a collection of 207 office and retail properties totaling 11.4 million square feet in the UK, Ireland, Spain and Italy. Now, KW boasts a global portfolio exceeding 400 assets spanning a variety of sectors, including multifamily. Size, however, isn\u2019t everything; the merger presents a host of additional benefits.<\/p>\n

\u201cOur new simplified corporate structure, greater recurring income and improved balance sheet strength will enable us to capitalize on growth opportunities we see ahead,\u201d<\/em> McMorrow added. \u201cWe served as the external manager to KWE since its IPO in 2014, which gave us a unique window into KWE\u2019s business and its underlying portfolio where our best-in class asset management teams deliver both NOI and value-enhancing asset management initiatives. Also, the senior management team and all operations in the United States and Europe remain in place, which dramatically reduces execution risk for the merger.\u201d<\/em><\/p>\n

Moving Forward<\/h2>\n

KW is well positioned to execute its goals\u2014both short\u2014and long-term. The company has access to diverse global equity and debt sources as well as approximately $1.4 billion of pro forma liquidity.<\/p>\n

\u201cLooking ahead, we are focused on driving both cost and value synergies across the combined group including European developments, our multifamily portfolio and our Irish portfolio, where Kennedy Wilson has become the leading landlord in the market,\u201d<\/em> McMorrow said. \u201cWe believe in the long-term prospects of our target markets across the United States and Europe and we are constantly looking for ways to grow our business.\u201d<\/em><\/p>\n

Growth is high on the company\u2019s agenda; however, KW isn\u2019t precisely scheduling a series of shopping sprees. \u201cGrowth will happen organically through asset management initiatives that are already underway and through acquisitions and dispositions where we can recycle our capital into higher growth opportunities,\u201d<\/em> concluded\u00a0McMorrow.<\/p>\n

Photo courtesy of\u00a0Kennedy Wilson<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The unification creates a real estate investment and asset management platform with an enterprise value of $8 billion. Now, KW boasts a global portfolio exceeding 400 assets spanning a variety of sectors.<\/p>\n","protected":false},"author":969,"featured_media":1004194851,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21825,16,23891,21742],"tags":[33237,35204,33238],"class_list":["post-1004194835","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-finance","category-international","category-national","category-latest","tag-kennedy-wilson","tag-kennedy-wilson-europe","tag-william-mcmorrow"],"acf":[],"yoast_head":"\nKennedy Wilson, Kennedy Wilson Europe Merge - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/kennedy-wilson-kennedy-wilson-europe-merge\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Kennedy Wilson, Kennedy Wilson Europe Merge\" \/>\n<meta property=\"og:description\" content=\"The unification creates a real estate investment and asset management platform with an enterprise value of $8 billion. 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