Kennedy-Wilson Purchases U.K. Shopping Centers for $390M
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Kennedy-Wilson Holdings Inc., a real estate investment company, and Varde bought eight shopping centers in the U.K. out of administration for 250 million pounds ($390 million), adding to its European assets.
The portfolio totals 2.3 million square feet (214,000 square meters) and 85 percent of the gross income comes from retailers such as Debenhams, Marks & Spencer, Tesco and Asda, Kennedy-Wilson said in a statement today. The Beverly Hills, California-based company plans to renovate the properties and increase occupancy.