Kennedy Wilson completes €161m UK asset sales

Global real estate investment company Kennedy Wilson has completed the sale of two wholly owned UK properties, the Fairmont St Andrews resort in Scotland and Leavesden Park, an office asset near Watford, for $178 mln (€161 mln). 

The company said it expected to recycle the sales proceeds into other European investment opportunities and to fund existing development projects.

The assets were unlevered and the deals will result in approximately $41 mln of gains to Kennedy Wilson, the firm said.

The Fairmont St Andrews is a 211-bedroom luxury hotel and one of Scotland’s leading golf and conference offerings. It comprises 520 acres (210 ha) along the coast and includes two 18-hole championship golf courses.

'Following the completion of our renovations at the Fairmont St Andrews, including a targeted sustainability programme, we have significantly improved the operating performance and grown NOI by over 50% during our ownership,' said Mike Pegler, head of UK for Kennedy Wilson.

Including the disposition of the Fairmont St Andrews, Kennedy Wilson has sold three hotel assets for approximately $240 mln in 2019.

'A healthy hospitality investment market and the strong growth credentials of the repositioned Fairmont St Andrews resulted in this successful disposition,' Pegler added.

Leavesden Park is part of a modern 300 acre business park campus near Watford within Greater London, comprising nearly 200,000 ft2 (18,580 m2) of recently refurbished Grade A office space and 778 car parking spaces.

'After an impressive and comprehensive refurbishment of Leavesden Park, we were delighted to bring the fashion retailer ASOS to Watford in 2017, and work with them to extend their presence and take occupancy across the entire building in late 2018 on improved lease terms,' said Pegler. 'The successful sale of this asset demonstrates the strong demand for well-leased, modern office assets in the South East market where Kennedy Wilson continues to be a leading investor.'

Events

Latest news

Best read stories