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Kennedy Wilson, Fairfax Launch New $2B Real Estate Debt Platform
Beverly Hills-based Kennedy Wilson formed a $2 billion platform with Toronto-based Fairfax Financial Holdings Limited that plans to pursue first mortgage loans secured by real estate in the Western U.S., Ireland and the U.K. Kennedy Wilson will serve as asset manager, and expects to co-invest alongside Fairfax with an average ownership of 20% in the investments.
Kennedy Wilson’s William McMorrow says, “The launch of this new debt platform builds on the momentum of Kennedy Wilson’s expanding investment management business and leverages our successful track record of investing in debt opportunities in our key markets. We have enjoyed an outstanding relationship with Prem Watsa and his team at Fairfax over the past decade.”
The two companies first invested together in 2010 when they acquired $250 million of real estate assets. Over the past decade, the companies have partnered on $7 billion in aggregate acquisitions, including over $3 billion of real estate-related debt investments.
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