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KW > SEC Filings for KW > Form 8-K on 24-Jun-2014All Recent SEC Filings

Show all filings for KENNEDY-WILSON HOLDINGS, INC.

Form 8-K for KENNEDY-WILSON HOLDINGS, INC.


24-Jun-2014

Other Events


ITEM 8.01. OTHER EVENTS
On May 9, 2014 and June 12, 2014, Kennedy-Wilson Holdings, Inc. (the "Company," "we," or "us") filed current reports on Form 8-K regarding (i) the Company and its equity partners entering into a purchase agreement with Kennedy Wilson Europe Real Estate plc ("KWE," LSE: KWE) to sell to KWE a portfolio of 7 office and 6 retail properties located across Dublin, Ireland, with one in Cork, Ireland (the "Opera Portfolio") for a total purchase price of approximately 391.4 million (subject to certain adjustments pursuant to the terms of the agreement), consisting of approximately 194.9 million of cash and approximately 196.5 million of assumed non-recourse debt secured by the Opera Portfolio; and
(ii) a subsidiary of the Company entering into a purchase agreement with KWE to sell to KWE, its interests in a portfolio of properties located in Dublin, Ireland, comprising of 272 residential units, approximately 31,000 square feet of total commercial space and a partially completed residential development with permits for 166 residential units and 14,800 square feet of total commercial space ("Central Park Portfolio") for a total purchase price of approximately 88.1 million (subject to certain adjustments pursuant to the terms of the agreement), consisting of approximately 30.7 million of cash and approximately 57.4 million of assumed non-recourse debt secured by the Central Park Portfolio. The purchase price for each of these transactions was based on third-party valuations of the properties in the portfolios. Both the sale of the Opera Portfolio and the Central Park Portfolio to KWE closed on June 24, 2014. The Company owned approximately twenty-five percent of the equity interests in the Opera Portfolio and received a promote fee (in an amount equal to approximately 14.5 million) from its current equity partners and owned one hundred percent of the equity interests in the Central Park Portfolio. The Company currently owns approximately 13.2% of the total issued share capital of KWE. KWE is also externally managed by a wholly-owned subsidiary of the Company. William McMorrow, Chairman and CEO of the Company, and Mary Ricks, president and CEO of the Company's European business, are also members of the KWE board.


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