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Kennedy Wilson (NYSE: KW) has acquired Waverleygate, a premier office building in Edinburgh, for $106 million, excluding closing costs. This property boasts a 97% occupancy rate with tenants like Amazon and Microsoft, generating $6 million in annual net operating income. The acquisition is seen as a strategic move to capitalize on growth opportunities in the UK office market. Waverleygate features modern amenities and excellent connectivity, including proximity to Waverley train station and the St James Quarter development.
Positive
Acquisition of Waverleygate enhances portfolio with a strong tenant base.
Property generates approximately $6 million in annual net operating income.
97% occupancy rate with reputable tenants contributes to recurring income.
Strategic investment aimed at capitalizing on growth in the Edinburgh market.
Negative
None.
BEVERLY HILLS, Calif.--(BUSINESS WIRE)--
Global real estate investment company Kennedy Wilson (NYSE: KW) has acquired Waverleygate, a wholly-owned prime office building in Edinburgh, from the real assets investment manager PATRIZIA for $106 million, excluding closing costs.
Waverleygate (Photo: Business Wire)
Waverleygate is one of the most prominent office buildings in the heart of Scotland’s capital city and is 97% occupied by national credit-worthy tenants including Amazon, Microsoft, H&M, the Scottish Government, and the National Health Service. With a Class A vacancy rate in Edinburgh City Centre of 2%, Kennedy Wilson will invest in the property to provide first class amenities and take advantage of the significant growth opportunity in the Edinburgh market.
Waverleygate, which currently produces approximately $6 million of annual net operating income, underwent a significant renovation in 2004 that delivered approximately 203,400 square feet of modern open-plan office space across eight floors and retained the Grade A listed Italian Renaissance façade. The property’s ESG credentials now include an energy rating of EPC B and BREEAM Very Good, and Waverleygate’s wellness features include four landscaped roof gardens with panoramic views, shower facilities, a basement level gym occupied by The Gym Group, bike parking and 50 dedicated vehicle parking spaces.
“This acquisition reflects our view that, at current pricing levels, there is attractive value in the UK office market particularly for assets located in major employment hubs with high-quality educational institutions,” said Mike Pegler, Head of UK at Kennedy Wilson. “Waverleygate immediately adds solid recurring income from a strong tenant base and presents multiple opportunities to grow NOI and asset value by further enhancing environmental credentials and overall management of the property.”
Waverleygate is adjacent to Edinburgh’s main railway station, Waverley train station, and offers excellent connectivity across all modes of transport, including walking and cycling. It is situated near St Andrew Square tram stop, with a direct link to Edinburgh International Airport, and is opposite the newly opened $1.3 billionSt James Quarter mixed-use development that further enhances the local amenity offering.
About Kennedy Wilson
Kennedy Wilson (NYSE:KW) is a leading global real estate investment company. We own, operate, and invest in real estate through our balance sheet and through our investment management platform. We focus on multifamily and office properties located in the Western U.S., U.K., and Ireland. For further information on Kennedy Wilson, please visit: www.kennedywilson.com.
KW-IR
Special Note Regarding Forward-Looking Statements
Statements in this press release that are not historical facts are “forward-looking statements” within the meaning of U.S. federal securities laws. These forward-looking statements are estimates that reflect our management’s current expectations, are based on assumptions that may prove to be inaccurate and involve known and unknown risks. Accordingly, our actual results or performance may differ materially and adversely from the results or performance expressed or implied by these forward-looking statements, including for reasons that are beyond our control. For example, we may not be able to maintain our current acquisition or disposition pace or identify future properties to acquire on terms we consider attractive, and our current property portfolio may not perform as expected. Accordingly, you should not unduly rely on these statements, which speak only as of the date of this press release. We assume no duty to update the forward-looking statements, except as may be required by law.
