Kennedy Wilson Acquires Prime Suburban London Office Campus for $66 Million
Kennedy Wilson (NYSE: KW) has successfully acquired The Capitol Building, a Grade A office campus in Bracknell, for $66.2 million, reflecting a cap rate of 7.7%. The partnership allocated $29 million of equity, with Kennedy Wilson holding a 51% stake. The property is 97% occupied by nine tenants from the tech and business service sectors, offering various amenities that enhance tenant demand. This acquisition marks a strategic move to leverage the growing demand for suburban office spaces in the Thames Valley market.
- Strategic acquisition of The Capitol Building enhances the portfolio.
- 97% occupancy rate indicates strong demand and revenue potential.
- Excellent cap rate of 7.7% reflects a favorable investment.
- None.
Global real estate investment company Kennedy Wilson (NYSE: KW) and its equity partner have closed the acquisition of The Capitol Building, a Grade A, 173,000 square-foot institutional quality office campus for
The Capitol Building, Bracknell (Photo: Business Wire)
The partnership invested
The Capitol Building, in Bracknell, is part of the active Thames Valley submarket. It is
“This attractive acquisition just outside Greater London is the second acquisition with our joint venture partner of a prime suburban office campus, offering a high-income yield from a quality, well-let asset in a local submarket that we know very well,” said Mike Pegler, Head of UK for Kennedy Wilson. “The Thames Valley thrives on the tech and life sciences sectors, which are very well represented at The Capitol Building, and are contributing to the increasing demand we are seeing for low-rise and suburban office space.”
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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210625005057/en/
FAQ
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