LONDON-The local office of Kennedy Wilson, which is based in Beverly Hills, CA, has teamed up with Frankfurt-based Deutsche Bank for the future acquisition of $2.5 billion of loans for property in Europe. The two companies will focus on performing, sub-performing and non-performing commercial and residential real estate loans, with a focus on the United Kingdom and Ireland.
The partnership, described as a “framework,” was announced this morning by Kennedy Wilson, which did not divulge the identity of the bank. An uninvolved source provided the name of Deutsche Bank as the partner to GlobeSt.com.
Mary Ricks, president and CEO of locally based Kennedy Wilson Europe, tells GlobeSt.com that though some US investment officials believe now is not the time to buy, there are plenty of excellent opportunities on the continent. She says the partnership looks to buy more distressed assets from banks that need to deleverage.
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