The purchase will close in two phases, with $1.4 billion completed this past Friday, and an additional $400 million expected to close at the end of November. With the two closings, it will increase the estimated value of the assets under the company’s management to $12 billion.
Kennedy Wilson's chief executive William McMorrow called this a “landmark deal for Kennedy Wilson”, adding: “Under the leadership of Mary Ricks, our new team in Europe played a significant role in this success, and the closing adds to our already strong base of business in Europe”. In a statement, Kennedy Wilson executive vice chair Mary Ricks said she hopes the closing of this deal will help “the company’s further expansion in Europe “.
In June, Kennedy Wilson announced the acquisition of Bank of Ireland Real Estate Investment Management (BOI REIM), a €1.6 billion ($2.3 billion) platform. In conjunction with its institutional partners, the firm has acquired $5 billion of real estate and real estate secured debt in 2010 and so far in 2011.