LOS ANGELES-Real estate investment and services firm Kennedy Wilson Holdings plans to sell 8 million shares of common stock in an underwritten public offering. The shares will be priced at $21.45. Deutsche Bank Securities is the sole underwriter, and has been given a 30-day option to purchase up to 1.2 million shares, which, if used, would value the offering at $197 million.
The company intends to use the proceeds from the offering for potential acquisitions and co-investment opportunities as well as for general corporate purposes. The offering will close Friday. Kennedy Wilson declined to comment.
The company has had a successful year following an acquisition strategy targeting West Coast value-add properties. The company recently spent $167 million on three multifamily properties in California and Washington, totaling 456 units. The purchase brought Kennedy Wilson’s portfolio above 17,000 total units. At the time, Kennedy Wilson Multifamily Group president Kurt Zech told GlobeSt.com,” We are value-add, opportunistic buyers, and we generally buy in submarkets around the major metropolitan areas. We often will buy in submarkets that get less attention so we can get higher yields.”