Kennedy-Wilson Holdings Inc. completed the sale of 10 of its wholly owned retail properties in Spain to Barings LLC for $81 million.
The retail portfolio spans 418,000 square feet, with a majority of the properties in Madrid and Barcelona. The properties are fully leased to grocery chain Carrefour.
The sale generated roughly $33 million in net cash proceeds, which Kennedy Wilson expects to recycle into other European investment opportunities as well as to fund existing projects.
Peter Collins, Kennedy Wilson Europe president, said the assets were acquired by the real estate investment company in 2015.