Kennedy Wilson, Varde Buy Portfolio Of 8 UK Shopping Centers For £250 Mln

(RTTNews) - International real estate investment and services firm Kennedy Wilson (KW) and Varde acquired a portfolio of eight UK shopping centers out of administration for 250 million pounds or $388 million. Out of the eight centers, seven have transferred, with the final center due to close subject to customary closing conditions. The total equity contribution was 110 million pounds, or $170 million, including $53 million from Kennedy Wilson, and $253 million of financing was provided.

The portfolio of properties, located throughout England and Scotland, amounted to 2.3 million square feet, and 85% of its gross income comes from national retailers such as Debenhams, Marks & Spencer, Asda, Tesco, River Island and Primark.

Kennedy Wilson, along with its institutional partners, has purchased over $2.6 billion of real estate and real estate related debt globally since the beginning of 2013, including $1.9 billion in the U.K. and Ireland.