Kennedy-Wilson Holdings Inc. on Wednesday said it formed a $278-million real estate investment partnership with Canada’s Fairfax Financial Holdings Ltd.

The Beverly Hills real-estate investment and services company said it committed 10 percent of the equity in the new partnership with the Toronto financial-services conglomerate and will manage the venture.

Fairfax, which acquired Woodland Hills workers compensation insurer Zenith National Insurance Corp. this year, previously invested more than $132 million in Kennedy-Wilson’s convertible preferred stock.

“We are very pleased to now become partners with the outstanding Kennedy-Wilson management team on the deal level, in addition to our prior investments at the corporate level,” said Fairfax Chief Executive Prem Watsa in a statement.

In its first deal, the partnership is acquiring a 65 percent stake in a Japanese apartment company in which Kennedy-Wilson previously owned 35 percent. The name of the company was not given, but Kennedy-Wilson said it owns 50 apartment buildings, mostly in Tokyo, valued at about $600 million.

“We are extremely pleased to have completed our first real estate transaction with Fairfax and look forward to pursuing many deals together in the future,” said Kennedy Wilson Chief Executive William McMorrow in a statement.

Kennedy-Wilson shares were up 10 cents, or less than a percent, to $10.76 in afternoon trading on the New York Stock Exchange.