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BEVERLY HILLS, CA- Kennedy Wilson Inc. will build residential condominiums in central Tokyo in a joint venture with Mitsubishi Corp. through the Beverly Hills-based firm’s publicly traded Japanese unit, Kennedy Wilson Japan.

Construction of the three-story condominiums, the second major deal announced by Kennedy Wilson in Japan within the past month, is scheduled to start next year, with a projected completion of spring 2004.

The company says the condominium project will be financed through 1 billion yen in loans from a newly organized special purpose company of Japanese financial institutions, and a total of 500 million yen from Mitsubishi and Kennedy Wilson.

The condominium announcement follows by less than a month Kennedy Wilson’s announcement of the sale of its 12-story, 68,000-sf Takadanobaba Center Building in Japan, which it bought just over a year ago in partnership with Cargill, its long time partner in Japan. Since 1998, with various partners, Kennedy Wilson Japan has invested$800 million in U.S. dollars in Japan.

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