Kennedy-Wilson Holdings Inc. agreed to sell its interest in 50 multifamily buildings in Japan, generating pretax proceeds of about 30.8 billion yen ($257 million).
The transaction is expected to produce pretax net proceeds of $105 million to $110 million, the company said in a filing Thursday. The deal values the group of 50 buildings with 2,410 units at about 5.85 billion yen, it said.
The Beverly Hills, California-based property investor entered the Japanese market in 1995 and started trading on the Tokyo Stock Exchange as Kenedix in 2002, according to the statement. The company sold its interest in Kenedix in 2003 and began building the apartment portfolio in 2006.