Kennedy Wilson and Partners Complete $2.9B of Acquisitions in 2012 for a Total of $8.0B of Acquisitions Since 2010

  Kennedy Wilson and Partners Complete $2.9B of Acquisitions in 2012 for a
  Total of $8.0B of Acquisitions Since 2010

 Final 2012 purchases include three Los Angeles area office properties bought
                              for $78.5 million

 Approximately two-thirds of UK loan pool acquired in December 2011 resolved

Business Wire

BEVERLY HILLS, Calif. -- December 28, 2012

International real estate investment and services firm Kennedy Wilson (NYSE:
KW) today announced that the company and its partners acquired three office
buildings in the Los Angeles area for a total of $78.5 million. Kennedy Wilson
invested $6.5 million of equity in the transactions. These acquisitions bring
the total purchases of real estate related assets by the company and its
partners to $8.0 billion since 2010, including $2.9 billion in 2012.

Additionally, due to several significant year end payoffs, the UK loan pool
representing $2.1 billion in unpaid principal balance (at a purchase price of
80%) acquired in 2011 by the company and its partners has now been paid down
to approximately $0.8 billion (at an average resolution value in excess of
95%). Kennedy Wilson owns a 12.5% interest in the loan pool as well as a
potential promoted interest in the profits of the partnership.

“The company’s acquisition activity over the last three years reflects
remarkable teamwork and our ability to execute on significant opportunities
globally,” said William McMorrow, chairman and CEO of Kennedy Wilson.
“Additionally, we are also pleased to report great progress in implementing
our business plan on the UK loan pool that we acquired at the end of last
year. Resolutions are coming in faster and at better recovery rates than we
originally anticipated.”

The company’s latest acquisitions include Marina View in Marina del Rey, Royal
Beverly Glen in Los Angeles and Tri Center in the San Fernando Valley. Marina
View is comprised of a six-story, 60,918 RSF office building, a single story
14,774 RSF retail building and two stories of structured parking. Royal
Beverly Glen is a Class A, four-story, 77,749 square foot office building in
the Century City submarket of Los Angeles, and Tri Center is a Class A,
four-story, 143,256 square foot office building in the Van Nuys submarket.

“We are excited by the acquisition of these three office buildings, each at a
significant discount to their respective replacement cost,” John Prabhu,
president of KW Commercial Investment Group, stated. “Marina Del Rey, Century
City and Van Nuys are all among Los Angeles’ most desirable submarkets, and
these premier locations provide excellent inherent tenant demand stemming from
the technology, media, and entertainment industries. Demand from these
industries has been very strong throughout 2012, contributing to Greater Los
Angeles’ 2012 net office absorption, more than tripling 2011’s output.”

About Kennedy Wilson

Founded in 1977, Kennedy Wilson is an international real estate investment and
services company headquartered in Beverly Hills, CA with 24 offices in the
U.S., U.K., Ireland, Spain and Japan. The company offers a comprehensive array
of real estate services including auction, conventional sales, property
services, research and investment management. Through its fund management and
separate account businesses, Kennedy Wilson is a strategic investor of real
estate investments in the U.S., U.K., Ireland and Japan. For further
information on Kennedy Wilson, please visit


Kennedy Wilson
Christina Cha
VP of Corporate Communication
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