Los AngelesEldridge Industries has invested $300 million in preferred equity in Kennedy Wilson. The firm will use the funds to pay down unsecured debt, including repaying its unsecured bank borrowings in full, and to fund its development pipeline.

Kennedy Wilson has an existing relationship with Eldridge Industries. Kennedy Wilson and businesses of Eldridge have invested together in two office properties totaling 509,000 square feet in the Western U.S., while Cain International invested alongside Kennedy Wilson in the 390,000 square-foot office portion of the Coopers Cross mixed-use project in Dublin, Ireland, which is currently under development.

Under the terms of the agreement, Eldridge is purchasing $300 million in convertible perpetual preferred stock carrying a 5.75% annual dividend rate, with an initial conversion price of $25.00 per share, representing a premium of 15% to the daily volume weighted average price per share of Kennedy Wilson's common stock over the 20 trading days ending, and including, October 16, 2019. The preferred stock is callable by Kennedy Wilson on and after October 15, 2024.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.