Kennedy Wilson has exchange contracts to acquire the Britannica Shopping Centre fund in the UK from administrator Grant Thornton.
Kennedy Wilson has exchange contracts to acquire the Britannica Shopping Centre fund in the UK from administrator Grant Thornton.
The investment volume of 拢250 mln (鈧�292 mln) is believed to reflect a yield of nearly 9%.
The vehicleowns seven shopping centres across the UK, namely County Square in Ashford, the Strand in Bootle, the Gates in Durham, Riverside in Irvine, the Haymarket in Leicester, Spindles and the Town Square in Oldham and Swansgate in Wellingborough.
The CBRE Retail Property Fund Britannica collapsed into administration in September 2012, as the value of its assets fell below the 拢360 mln of debt secured against them.
Malcolm Shierson and Daniel Smith of administrator Grant Thornton appointed specialist shopping centre investment agents Coady Supple to advise on the sale of the assets within the fund.
The fund sold the first asset to LaSalle Investment Management in April for 拢30 mln.
