28th Jul 2015 13:25
LONDON (Alliance News) - Kennedy Wilson Europe Real Estate PLC Tuesday said it has acquired nine offices in the south east of England from New York-listed Apollo Global Management LLC.
The London-listed property company said the underlying real estate is valued at GBP211 million on completion of the deal, a yield on cost of 8.0%.
Kennedy Wilson Europe said it funded the deal with existing cash.
"This is a high quality portfolio which we have acquired at an attractive entry basis with it trading at substantial discounts to both historic 15-year average and market peak capital values, yields and rental values," Chief Executive Mary Ricks said in a statement.
Shares in Kennedy Wilson Europe Real Estate were down 0.4% at 1,131.00 pence on Tuesday afternoon.
By Samuel Agini; [email protected]; @samuelagini
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