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Kennedy-Wilson, equity partner buy UK office park for £136M

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Kennedy-Wilson, equity partner buy UK office park for £136M

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.