{"id":1004361503,"date":"2019-10-21T06:27:56","date_gmt":"2019-10-21T14:27:56","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004361503"},"modified":"2019-10-21T09:27:14","modified_gmt":"2019-10-21T17:27:14","slug":"kennedy-wilson-lands-300m-equity-investment","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/kennedy-wilson-lands-300m-equity-investment\/","title":{"rendered":"Kennedy Wilson Lands $300M Equity Investment"},"content":{"rendered":"
\"\"<\/a>

Hanover Quay. Image courtesy of Kennedy Wilson<\/em><\/p><\/div>\n

Affiliates of Eldridge Industries have led a $300 million strategic investment in Kennedy Wilson. The global real estate investment company reportedly plans to use the funds to pay down unsecured debt, including repaying its unsecured bank borrowings in full, and to fund its development pipeline.<\/p>\n

\n

READ ALSO<\/strong>: 5 Forces Directing CRE Capital Flows<\/a><\/p>\n

\n

The private placement expands the relationship between Kennedy Wilson and Eldridge, including its affiliates Cain International and Security Benefit Life Insurance Co. Eldridge\u2019s equity investment, along with a previously announced joint venture platform between Security Benefit and Kennedy Wilson, will increase its investment target from $500 million to $1.5 billion.<\/p>\n

\"\"<\/a>

400 California St. Image courtesy of Kennedy Wilson<\/em><\/p><\/div>\n

In its role as asset manager, Kennedy Wilson reportedly expects to continue investing alongside Security Benefit and its affiliates with a 20 percent interest in the joint venture\u2019s investments and will earn customary fees. So far, the platform has acquired $227 million in assets.<\/p>\n

 Eldridge is purchasing $300 million in convertible perpetual preferred stock carrying a 5.75 percent annual dividend rate, with an initial conversion price of $25.00 per share, which represents a premium of 15 percent to the daily volume weighted average price per share of Kennedy Wilson\u2019s common stock over the 20 trading days ending, and including, Oct. 16. The preferred stock is callable by Kennedy Wilson on and after Oct. 15, 2024.<\/p>\n

J.P. Morgan acted as exclusive placement agent and Latham & Watkins LLP acted as legal advisor to Kennedy Wilson. Morgan Stanley & Co. LLC acted as exclusive financial advisor and Sidley Austin LLP acted as legal advisor to Eldridge.<\/p>\n

Diverse development locations<\/h2>\n

Just last month, the Kennedy Wilson\u2013Security Benefit joint venture acquired its first property<\/a>, the Sunset North office campus in Bellevue, Wash. A purchase price of $227 million got the joint venture a three-building, 464,000-square-foot asset that\u2019s 99 percent leased.<\/p>\n

Cain International invested alongside Kennedy Wilson in the 390,000-square-foot office portion of the Coopers Cross mixed-use project in Dublin, which is currently under development. Kennedy Wilson\u2019s development pipeline also includes Capital Dock, Clancy Quay Phase III and Hanover Quay in Dublin; 400 California St. in San Francisco; and The Clara in Boise, Idaho.<\/p>\n

The Dublin office market is seeing strong absorption, with 3.9 million square feet last year and 1.8 million in the first half of this year, according to a second-quarter report from Colliers International. Metro office vacancy is fairly steady at 6.5 percent. Although about 8 million square feet of speculative space is in development from this year through 2020 and beyond, half of all office space actually under construction is preleased.<\/p>\n

In the past 12 months, half of all office absorption has been from the technology, media and telecom sector. All global flex office operators are now in the Dublin market, and WeWork is expanding aggressively there.<\/p>\n","protected":false},"excerpt":{"rendered":"

The strategic move is in the form of a perpetual preferred equity investment in the company by affiliates of Eldridge Industries.<\/p>\n","protected":false},"author":882,"featured_media":1004361518,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21825,21783,23891,21742],"tags":[47255,32763,43145,33237,32774,34245],"class_list":["post-1004361503","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-finance","category-investment","category-national","category-latest","tag-cain-international","tag-colliers-international","tag-j-p-morgan","tag-kennedy-wilson","tag-morgan-stanley","tag-sidley-austin-llp"],"acf":[],"yoast_head":"\nKennedy Wilson Lands $300M Equity Investment - 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-lands-300m-equity-investment\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Kennedy Wilson Lands $300M Equity Investment\" \/>\n<meta property=\"og:description\" content=\"The strategic move is in the form of a perpetual preferred equity investment in the company by affiliates of Eldridge Industries.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/kennedy-wilson-lands-300m-equity-investment\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2019-10-21T14:27:56+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-10-21T17:27:14+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/10\/Hanover-Quay.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"820\" \/>\n\t<meta property=\"og:image:height\" content=\"584\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/kennedy-wilson-lands-300m-equity-investment\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/kennedy-wilson-lands-300m-equity-investment\/\",\"name\":\"Kennedy Wilson Lands $300M Equity Investment - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/kennedy-wilson-lands-300m-equity-investment\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/kennedy-wilson-lands-300m-equity-investment\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/10\/Hanover-Quay.jpg\",\"datePublished\":\"2019-10-21T14:27:56+00:00\",\"dateModified\":\"2019-10-21T17:27:14+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/kennedy-wilson-lands-300m-equity-investment\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/kennedy-wilson-lands-300m-equity-investment\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/kennedy-wilson-lands-300m-equity-investment\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/10\/Hanover-Quay.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/10\/Hanover-Quay.jpg\",\"width\":820,\"height\":584,\"caption\":\"Hanover Quay. Image courtesy of Kennedy Wilson\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/kennedy-wilson-lands-300m-equity-investment\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Kennedy Wilson Lands $300M Equity Investment\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555\",\"name\":\"Scott Baltic\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96\",\"caption\":\"Scott Baltic\"},\"description\":\"Scott Baltic has been a contributing editor with Commercial Property Executive since 2011 and also wrote for its predecessor, Commercial Property News. He started writing about CRE in 1988 for a group of Chicago-based publications and in 1989 became the editor of Midwest Real Estate News. After moving on from there in 1991, Baltic continued writing occasionally about real estate, for publications like the Chicago Sun-Times, National Real Estate Investor, Urban Land, Shopping Center World and Architect\u2019s Newspaper. He earned a master\u2019s in journalism from Northwestern University\u2019s Medill School of Journalism and has a bachelor\u2019s from North Park University.\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/scott-baltic\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Kennedy Wilson Lands $300M Equity Investment - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/kennedy-wilson-lands-300m-equity-investment\/","og_locale":"en_US","og_type":"article","og_title":"Kennedy Wilson Lands $300M Equity Investment","og_description":"The strategic move is in the form of a perpetual preferred equity investment in the company by affiliates of Eldridge Industries.","og_url":"https:\/\/www.commercialsearch.com\/news\/kennedy-wilson-lands-300m-equity-investment\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2019-10-21T14:27:56+00:00","article_modified_time":"2019-10-21T17:27:14+00:00","og_image":[{"width":820,"height":584,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/10\/Hanover-Quay.jpg","type":"image\/jpeg"}],"author":"Scott Baltic","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/kennedy-wilson-lands-300m-equity-investment\/","url":"https:\/\/www.commercialsearch.com\/news\/kennedy-wilson-lands-300m-equity-investment\/","name":"Kennedy Wilson Lands $300M Equity Investment - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/kennedy-wilson-lands-300m-equity-investment\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/kennedy-wilson-lands-300m-equity-investment\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/10\/Hanover-Quay.jpg","datePublished":"2019-10-21T14:27:56+00:00","dateModified":"2019-10-21T17:27:14+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/kennedy-wilson-lands-300m-equity-investment\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/kennedy-wilson-lands-300m-equity-investment\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/kennedy-wilson-lands-300m-equity-investment\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/10\/Hanover-Quay.jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/10\/Hanover-Quay.jpg","width":820,"height":584,"caption":"Hanover Quay. Image courtesy of Kennedy Wilson"},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/kennedy-wilson-lands-300m-equity-investment\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"Kennedy Wilson Lands $300M Equity Investment"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555","name":"Scott Baltic","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96","caption":"Scott Baltic"},"description":"Scott Baltic has been a contributing editor with Commercial Property Executive since 2011 and also wrote for its predecessor, Commercial Property News. He started writing about CRE in 1988 for a group of Chicago-based publications and in 1989 became the editor of Midwest Real Estate News. After moving on from there in 1991, Baltic continued writing occasionally about real estate, for publications like the Chicago Sun-Times, National Real Estate Investor, Urban Land, Shopping Center World and Architect\u2019s Newspaper. He earned a master\u2019s in journalism from Northwestern University\u2019s Medill School of Journalism and has a bachelor\u2019s from North Park University.","url":"https:\/\/www.commercialsearch.com\/news\/author\/scott-baltic\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/10\/Hanover-Quay.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004361503","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/882"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004361503"}],"version-history":[{"count":6,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004361503\/revisions"}],"predecessor-version":[{"id":1004361635,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004361503\/revisions\/1004361635"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004361518"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004361503"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004361503"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004361503"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}