Commercial real estate investment firm Kennedy Wilson recently announced its plans to join a partnership with an unnamed European financial institution to acquire a series of struggling and non-struggling commercial mortgages.
The deal included €2 billion (USD $2.5 billion) in loans in multiple markets located primarily in the United Kingdom and Ireland. The assets included in the acquisition will be managed or serviced by Kennedy Wilson. In addition, other investors may become involved in the process later on.
"We believe the Eurozone banking sector will continue to present many attractive opportunities in the property space, and Kennedy Wilson's operating platforms in London and Dublin will enable us to identify opportunities for the framework," said Mary Ricks, president and CEO of Kennedy Wilson Europe.
The new plan is a non-binding deal at this point, the report explained. All of the properties involved in the deal will be dealt with separately.
Kennedy Wilson is based in the United States and has 23 offices around the world, with most of its investments throughout the U.S., Japan and Europe.