BEVERLY HILLS, Calif .– (COMMERCIAL THREAD) – Global real estate investment firm Kennedy Wilson (NYSE: KW) and its financial partner have completed the acquisition of The Capitol Building, a 173,000 square foot, Grade A institutional-grade office campus for 66.2 million dollars, reflecting a capitalization rate of 7.7%.
The partnership has invested $ 29 million in equity and Kennedy Wilson’s stake is 51%.
The Capitol in Bracknell is part of the active Thames Valley submarket. It is 97% occupied by nine tenants in the technology and business services sectors. The four-story building is set in a professional landscaped environment and offers a range of amenities to tenants to stimulate demand as businesses seek to improve well-being and access to green spaces for staff. Facilities include meeting rooms, relaxation areas, a canteen, bicycle storage, showers and landscaped grounds with picnic tables.
“This attractive acquisition just outside of Greater London is the second acquisition with our joint venture partner of a premier suburban office campus, delivering a high return from a quality asset well leased in a sub -local market which we know very well, ”said Mike Pegler, UK director for Kennedy Wilson. “The Thames Valley thrives on the technology and life sciences sectors, which are very well represented on Capitol Hill, and contribute to the growing 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 firm. We own, operate and invest in real estate through our balance sheet and through our investment management platform. We focus on multi-family and office buildings located in the Western United States, United Kingdom and Ireland. For more information on Kennedy Wilson, please visit: www.kennedywilson.com.
Special Note Regarding Forward-Looking Statements
Statements in this press release that are not historical facts are “forward-looking statements” within the meaning of US federal securities laws. These forward-looking statements are estimates which reflect the current expectations of our management, are based on assumptions which may prove to be inaccurate and involve known and unknown risks. Therefore, our actual results or performance may differ materially and negatively from the results or performance expressed or implied by these forward-looking statements, including for reasons beyond our control. For example, we may not be able to maintain our current pace of acquisition or disposal or identify future properties to acquire on terms we believe are attractive, and our current real estate portfolio may not perform as expected. Therefore, you should not place undue reliance on these statements, which speak only as of the date of this press release. We assume no obligation to update any forward-looking statements, except as required by law.