Transactions - DECEMBER 22, 2014

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180 U.K. properties sell for £503m

by Andrea Waitrovich

Kennedy Wilson Europe Real Estate has announced the purchase of a portfolio of 180 mixed-use properties located across the United Kingdom from multiple receivers on behalf of Aviva Commercial Real Estate Finance for £503 million ($785.67 million).

The acquisition is expected to complete at the end of January and will be funded from the company’s cash resources and a new £352.3 million ($550.28 million) secured loan facility with Aviva.

The 3.5 million-square-foot portfolio is 98 percent leased and generates total net rental income of £36.1 million ($56.39 million). Its geographic concentration is predominately England, 54 percent weighted towards London and the South East with 5 percent of value weighted towards Scotland and Wales. The primary sector use is retail, food and convenience, which comprise 62 percent of the value of the portfolio, followed by leisure at 14 percent, industrial at 12 percent, and office and hotels at 6 percent

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