The sales generated approximately $33 million of net cash proceeds to Kennedy Wilson, which the company expects to recycle into other European investment opportunities and to fund existing development projects. The combined sales will result in approximately $10 million of gains to Kennedy Wilson.
The portfolio is fully leased to Carrefour, a grocery chain that is Europe’s largest retailer and Spain’s second largest supermarket. The portfolio includes 418,000 square feet, with most of the rental income concentrated in prime locations in Madrid and Barcelona.
Source : Kennedy Wilson