Kennedy Wilson forms $500m JV

Kennedy Wilson has formed a new joint venture platform with Security Benefit targeting stabilized, income-producing, high-quality real estate investment opportunities in the Western United States.

The joint venture is initially targeting $500 million of investments with potential to grow. In its role as asset manager, Kennedy Wilson expects to invest alongside Security Benefit with a 20 percent interest in the investments of the joint venture and will earn customary fees.

The joint venture also announced the acquisition of Sunset North, an institutional-quality, three-building campus in Bellevue, Wash., for $227 million. The joint venture invested $77 million of equity, including $15 million of equity from Kennedy Wilson, and secured a 10-year, fixed-rate, interest-only loan for $150 million at 3.25 percent.

Its first acquisi