Kennedy Wilson has completed the sale of two wholly owned U.K. properties, including the Fairmont St. Andrews resort in Scotland and Leavesden Park, an office asset near Watford, England.
The sales generated approximately $178 million of proceeds to Kennedy Wilson, which the company expects to recycle into other European investment opportunities and to fund existing development projects. The assets were unlevered, and the combined sales will result in approximately $41 million of gains to Kennedy Wilson.
The Fairmont St. Andrews is an award-winning, 211-bedroom luxury hotel and is one of Scotland’s leading golf and conference offerings. It comprises 520 acres along the coast and includes two 18-hole championship golf courses. Including the disposition of the Fairmont St. Andrews, Kennedy Wilson has sold three hotel assets fo
