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Global real estate investment company Kennedy Wilson has completed the sale of Pioneer Point, a wholly owned 294-unit multifamily community with 35,000 square feet of fully leased commercial space, for $130 million to RealStar, a real estate investment and management company focused on the rental residential, hospitality and alternative asset classes. Pioneer Point, located in the London suburb of Ilford, was unlevered and the $127 million of net proceeds from the sale will be recycled into new European acquisitions and development.
Kennedy Wilson acquired the non-performing loan secured against the freehold interest of Pioneer Point in May 2015 and took direct ownership in February 2016, implementing an ambitious asset management program and transforming the property to materially improve occupancy and more than double the NOI. This program included lengthening leases in the north tower, commissioning and leasing the empty south tower and converting vacant ground floor space to an enhanced amenity offering including a dedicated on-site concierge and property management suite as well as resident lounges, meeting spaces and work pods, a quiet lounge, entertainment spaces with open plan kitchen and dining rooms, a kids’ zone, games room and cinema.
Source : Kennedy Wilson
