Tuesday 20 March 2018

Kennedy Wilson in Spanish deal

Kennedy Wilson Europe has acquired 16 "big box" supermarket outlets currently leased to Carrefour and Dia on 20-year leases.

The acquisition, which was completed for €85.5m, increases Kennedy Wilson's Spanish exposure to close to 4pc of its overall portfolio.

Kennedy Wilson has been one of the biggest buyers of commercial property since the crash, spending more than half a billion euro here in the process, particularly on the office market in central Dublin.

Merrion Stockbrokers welcomed the deal. "The acquisition fits in with the companies stated strategy of increasing exposure to Spain and Italy where properties trade below replacement cost and offer attractive rental yields with upside to lease rates as the economy recovers," Merrion said.

Shares in Kennedy Wilson Europe were little changed in London, off 0.2pc.

Irish Independent

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