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.
“In addition to asset management upside, there is the opportunity to benefit from improving economic and market conditions,” Mary Ricks, chief executive officer of Kennedy Wilson Europe, said in the statement.
Kennedy-Wilson’s other investments in Europe include debt secured by real estate in the U.K., according to an earnings statement Aug. 6. In the second quarter, the company and an equity partner foreclosed on an office building and adjacent 3.5-acre site in Dublin.
Kennedy-Wilson had risen 32 percent this year through yesterday.