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Kennedy Wilson Secures $300M Equity Investment from Eldridge Industries
Beverly Hills-based Kennedy Wilson received a $300-million strategic investment from affiliates of Greenwich, CT-based Eldridge Industries. Kennedy Wilson expects to use the proceeds to pay down unsecured debt, including repaying its unsecured bank borrowings in full, and to fund its development pipeline.
Kennedy Wilson’s William McMorrow says, “Eldridge’s investment is a tremendous vote of confidence in our company, and we are pleased to be aligned with a world-class partner that shares our vision for growing Kennedy Wilson. This transaction will help expedite the execution of our initiatives, including completing our development projects, while also reducing our overall leverage.”
Along with Eldridge’s equity investment, the previously announced JV platform between Security Benefit and Kennedy Wilson will increase its investment target from $500 million to $1.5 billion.
*Pictured Sunset North in Bellevue, WA, the first property acquired as part of the Security Benefit JV
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