Kennedy Wilson, the Beverly Hills real estate investment firm, has purchased a $342 million loan portfolio, the company announced late Wednesday.
The acquisition was done by a newly formed joint venture of Kennedy Wilson and an undisclosed financial institution. The venture will focus on acquiring sub-performing and non-performing real estate loans.
Kennedy Wilson did not identify the previous owner of the loans beyond the description of “a large regional bank.” The company disclosed that its new portfolio “is composed of residential, hotel, retail, office, land, multifamily and other assets predominantly located in Southern California.”
“This is a game changing transaction for our company and is an example of our ability to source deals through a proprietary network, including our existing banking relationships,” Mary Ricks, vice chair of Kennedy Wilson, said in a statement.
Kennedy Wilson trades on the American Stock Exchange, but its share price remained unchanged at $9.60 on Thursday with only 100 shares changing hands.
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