Kennedy-Wilson Holdings Inc,
), an international real estate services company, recently
announced the acquisition of The Academy Tower in North
Hollywood, California. The purchase price of the property was $48
million, with $28 million of loan financing and $19 million of
equity investment by the company.
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Spanning 175,012 square feet, Academy Tower (97% leased )
is located in North Hollywood, one of the most flourishing
localities, in close proximity to production studios with easy
access to cultural and entertainment centers. The company expects
that improving demand driven by international tenants will
increase the rental growth of the property going forward.
Consequently, the acquisition is expected to be accretive to the
Additionally, Kennedy Wilson refinanced a 354,782 square foot
office building named One Baxter Way in Thousand Oaks, California
for $63.5 million. The financing was obtained from Bank of
America Merrill Lynch, - part of
Bank of America Corporation
Headquartered in Beverly Hills, California, Kennedy Wilson offers
a wide array of real estate services including auction,
conventional sales, property services, and research and
investment management with 24 offices in the U.S., U.K, Ireland
and Japan. Since 2010, Kennedy Wilson, along with its
institutional partners, has acquired approximately $6.8 billion
worth of real estate and debt through consolidated investments.
Kennedy Wilson currently retains a Zacks #3 Rank, which
translates into a short-term Hold rating. We have a long-term
Neutral recommendation on the stock. One of its competitors,
CBRE Group, Inc
) holds a Zacks #5 Rank, which translates into a short term
Strong Sell rating.