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Kennedy Wilson & Partner Builds 66 multifamily units in U.K.

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In sync with its European expansion plans, Kennedy Wilson Holdings, Inc. (KW - Free Report) and its partner accomplished 66 multifamily units at the premier retail, residential and entertainment center – The Rock – in Bury, U.K. Further, the duo has an additional 167 units in progress.

Notably, Kennedy Wilson, together with one of its equity partners, purchased the mortgage on The Rock in 2012. Nearly a year later, they transformed the mortgage note into full ownership of the Greater Manchester-town property.

The move is a strategic fit for Kennedy Wilson which is currently focused on driving additional value from its existing income-generating properties. Apart from these properties, Kennedy Wilson has a huge pipeline of residential properties, estimated at more than 3,000 units, under various phases of planning and construction.

These properties, either positioned within the existing income-producing assets or next to them, are thereby providing an opportunity to create additional value from the company’s current assets. Specifically, per current market rents, Kennedy Wilson estimates to reap 10% unlevered return on the rental income generated from these residential units at The Rock.

Kennedy Wilson is a vertically integrated international real estate investment management company with operations spreading across the U.S., the U.K., Ireland, Spain and Japan. In recent times, the company has been keen on expanding its European foothold via Kennedy Wilson Europe.

Kennedy Wilson currently carries a Zacks Rank #3 (Hold). Investors interested in real estate operations industry may consider better-ranked stocks like FirstService Corporation , CBRE Group, Inc. (CBG - Free Report) and Jones Lang LaSalle Incorporated (JLL - Free Report) . While FirstService sports a Zacks Rank #1, CBRE and Jones Lang LaSalle hold a Zacks Rank #2 (Buy).

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