Global real estate investment company Kennedy Wilson (NYSE: KW) announces that its wholly-owned European subsidiary has completed two refinancings with the Bank of Ireland across seven Irish assets located primarily in Dublin.
The €284 million in refinancings extended the weighted average term to maturity to 5.1 years and lowered the weighted average cost of the floating rate debt while releasing €54 million of equity.
“We continue to focus on increasing our cash flows and these accretive refinancings deliver a lower average cost of borrowing while enabling us to re-deploy equity into growing our NOI further,” said Mary Ricks, President and CEO of Kennedy Wilson Europe.
The refinancings included four offices: 40-42 Mespil Road, Dublin 4, South Bank House, Dublin 4, the Warehouse, Dublin 4, and Russell Court, St Stephens Green, Dublin 2; two shopping centres: Stillorgan Shopping Centre, Co. Dublin and Marshes Shopping Centre, Dundalk; and Alto Vetro, a multifamily property in the heart of Dublin.
About Kennedy Wilson
Kennedy Wilson (NYSE:KW) is a global real estate investment company. We own, operate, and invest in real estate both on our own and through our investment management platform. We focus on multifamily and commercial properties located in the Western U.S., UK, Ireland, Spain, Italy and Japan. To complement our investment business, the Company also provides real estate services primarily to financial services clients. For further information on Kennedy Wilson, please visit: www.kennedywilson.com.
Special Note Regarding Forward-Looking Statements
Statements in this press release that are not historical facts are “forward-looking statements” within the meaning of U.S. federal securities laws. These forward-looking statements are estimates that reflect our management’s current expectations, are based on assumptions that may prove to be inaccurate and involve known and unknown risks. Accordingly, our actual results or performance may differ materially and adversely from the results or performance expressed or implied by these forward-looking statements, including for reasons that are beyond our control. Accordingly, you should not unduly rely on these statements, which speak only as of the date of this press release. We assume no duty to update the forward-looking statements, except as may be required by law.
KW-IR
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Investors:
Kennedy Wilson
Daven Bhavsar, CFA
Director
of Investor Relations
+1 (310) 887-3431
dbhavsar@kennedywilson.com
or
Media:
United
States
Kennedy Wilson
Emily Heidt
Director of Public
Relations
+1 (310) 887-3499
eheidt@kennedywilson.com
or
Ireland
Q4
Public Relations
Martin Mackin
+353 1 475 1444
martin@q4pr.ie
or
UK
FTI
Consulting
Dido Laurimore / Tom Gough
+44 20 3727 1000
Kennedywilson@fticonsulting.com
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