LONDON-The local office of Kennedy Wilson,which is based in Beverly Hills, CA, has teamed up withFrankfurt-based Deutsche Bank for the futureacquisition of $2.5 billion of loans for property in Europe. Thetwo companies will focus on performing, sub-performing andnon-performing commercial and residential real estateloans, with a focus on the United Kingdom and Ireland.

The partnership, described as a “framework,” was announced thismorning by Kennedy Wilson, which did not divulge the identity ofthe bank. An uninvolved source provided the name of Deutsche Bankas the partner to GlobeSt.com.

Mary Ricks, president and CEO of locally basedKennedy Wilson Europe, tells GlobeSt.com that though some US investment officials believe now is not the time tobuy, there are plenty of excellent opportunities onthe continent. She says the partnership looks to buy moredistressed assets from banks that need to deleverage.