BEVERLY HILLS, CA—Kennedy Wilson and Fairfax Financial Holdingshave joined forces to create a $2 billion debt platform that willpursue first mortgage loans secured by real estate in the WesternUS, Ireland and the UK.
Asset manager Kennedy Wilson will co-invest alongside Fairfaxwith an average ownership of 20% in the investments, which will bemade without leverage, and will earn customary management andperformance fees.
This initiative is the latest endeavor in the two companies'long-standing relationship. Kennedy Wilson and Fairfax firstinvested together in 2010 when they acquired $250 million of realestate assets, including real estate secured loans and realproperty. Over the past decade, the companies have partnered on $7billion in aggregate acquisitions, including over $3 billion ofreal estate related debt investments. In addition, Fairfaxcurrently has a 9% equity ownership interest in Kennedy Wilson.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
