MANCHESTER, UK—Global real estate investment and services firmKennedy Wilson has completed 66multifamily units at The Rock, a premierretail, residential and entertainment center totaling approximately888,000 square feet located in Bury, a townin Greater Manchester in the United Kingdom.
During the fourth quarter of 2012, the company and one of itsequity partners acquired the mortgage on The Rock.During the third quarter of 2013, the company and its equitypartner converted their mortgage note to a 100% equity ownership inthe property.
“The successful completion of these residential units at TheRock demonstrates our strategy of capturing excess value from ourexisting income generating assets,” says WilliamMcMorrow, chairman and CEO of Kennedy Wilson, ofBeverly Hills, CA. “We expect to earn a 10% unlevered return on therental income generated from these units based on current marketrents.”
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
