Kennedy Wilson, Security Benefit Form New Joint Venture
The joint venture is targeting $500 million in stabilized, income producing, high-quality real estate investment.
The joint venture has already made its first acquisition, Sunset North, an institutional quality, three-building campus in Bellevue, Washington, 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%.
Kennedy Wilson will serve as asset manager and plans to invest alongside Security Benefit with a 20% interest in the investments of the joint venture and will earn customary fees.