KENNEDY-WILSON HOLDINGS, INC. (NYSE:KW) Files An 8-K Regulation FD DisclosureITEM 7.01REGULATION FD DISCLOSURE.
On November 15, 2017, the Company issued a press release, a copy of which is attached as Exhibit 99.1 to this Form 8-K, relating to certain asset sales and acquisitions. The information in this Item 7.01 or in Exhibit 99.1 will not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section or Section 11 or 12 of the Securities Act of 1933, as amended. Such information will not be incorporated by reference into any filing with the U.S. Securities and Exchange Commission made by the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.
ITEM 8.01OTHER EVENTS.
On November 14, 2017, Kennedy-Wilson Holdings, Inc. (the “Company”), completed the sale of Summer House, a wholly-owned 615-unit apartment community in Alameda, CA for a total sales price of $231 million. In addition, on November 8, 2017, the Company completed the sale of Gardner House, a 75,600 square-foot office building in Dublin, Ireland for a total sales price of $73 million. The two sales together are expected to generate approximately $304 million of gross proceeds, approximately $183 million of net proceeds after taking into account in-place property level debt at Summer House and closing costs and a profit to the Company of approximately $130 million in the fourth quarter of 2017.
The Company intends to use the net proceeds from the above-noted sales to acquire four separate multifamily assets with a total of 996 units in the Pacific Northwest through Section 1031 exchanges and to pay down unsecured debt under the Company’s revolving credit facility. The aggregate purchase price of these four multifamily assets is approximately $304 million and the Company will invest a total of approximately $135 million of equity in these transactions. The Company recently acquired two of the four multifamily assets. The Company currently expects to acquire the remaining two assets during the fourth quarter of 2017, however, there can be no assurance that it will complete such acquisitions.
ITEM 9.01FINANCIAL STATEMENTS AND EXHIBITS.
(d) Exhibits
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Exhibit No. |
Description |
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99.1 |
Press Release |
Kennedy-Wilson Holdings, Inc. ExhibitEX-99.1 2 assetsales11-15x17exhibit9.htm PRESS RELEASE Exhibit Exhibit 99.1151 S. El Camino Dr. Beverly Hills,…To view the full exhibit click here
About KENNEDY-WILSON HOLDINGS, INC. (NYSE:KW)
Kennedy-Wilson Holdings, Inc. is a global real estate investment company. The Company owns, operates and invests in real estate. The Company focuses on multifamily and commercial properties located in the Western United States, the United Kingdom, Ireland, Spain, Italy and Japan. The Company also provides real estate services primarily to financial services clients. The Company operates in two business segments: KW Investments and KW Services. KW Investments invests its capital in real estate-related assets. KW Services provides an array of real estate-related services to the Company and its investment partners, third-party owners, and lenders, with a focus on financial institution based clients. KW Services has five main lines of business: investment management, property services, research, brokerage, and auction and conventional sales. The Company has an ownership interest in approximately 39 million square feet of property globally, including over 24,370 multifamily rental units.