Global real estate investment company Kennedy Wilson (NYSE: KW) has completed the sale of two wholly owned U.K. properties, including the Fairmont St Andrews resort in Scotland and Leavesden Park, an office asset near Watford. The sales generated approximately $178 million of proceeds to Kennedy Wilson, which the company expects to recycle into other European investment opportunities and to fund existing development projects. The assets were unlevered and the combined sales will result in approximately $41 million of gains to Kennedy Wilson.
The Fairmont St Andrews is an award-winning, 211-bedroom luxury hotel and is one of Scotland’s leading golf and conference offerings. It comprises 520 acres along the coast and includes two 18-hole championship golf courses. Including the disposition of the Fairmont St Andrews, Kennedy Wilson has sold three hotel assets for approximately $240 million in 2019.
Leavesden Park is part of a modern 300-acre business park campus near Watford within Greater London, comprising nearly 200,000 square feet of recently refurbished Grade A office space and 778 car parking spaces.
Pic : the Fairmont St Andrews resort
Source : Kennedy Wilson