BEVERLY HILLS, CA-A joint venture of locally based KennedyWilson and Fairfax Financial Holdings Ltd. plans up to $250 millionin acquisitions via a capital commitment of the same amount fromFairfax. The $250 million capital commitment follows a recentagreement for Fairfax to purchase upto $100 million of convertible preferred stock, asreported on GlobeSt.com.

The new acquisitions venture will be looking for commercialproperties as well as loans and will focus mainly on California.The new agreement means that Kennedy Wilson will be "working withFairfax on both the corporate level and deal level," said WilliamMcMorrow, chairman and CEO of Kennedy Wilson.

Kennedy Wilson will lead the sourcing and negotiation ofinvestment opportunities in addition to holding key responsibilityfor due diligence, financing, property management, asset managementand disposition. Chairman and CEO of Fairfax, Prem Watsa, commentedin a prepared statement: "Kennedy Wilson’s strong investment trackrecord and exceptional ability to source, manage and sellproperties, make them a unique partner and an excellent choice forFairfax in pursuing current value in the commercial real estatesector, particularly in California."