Kennedy-Wilson Holdings Inc. and its equity partner acquired in an off-market transaction a prime office campus in the U.K. for £136 million.
The transaction, which reflects a cap rate of 7.1%, involves £64 million in equity investment from the partnership.
The Heights office park in Weybridge, Greater London, spans 348,000 square feet across five buildings and is 97% occupied. Tenants include Alliance Boots, AXA, Samsung, Royal Caribbean Cruises and PGS Exploration. The property has a weighted average lease term of 4.8 years, as well as rents below local market rate.
Kennedy-Wilson has a 51% interest in the office campus.