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Submission: On September 30 via api from SG — Scanned from DE
Submission: On September 30 via api from SG — Scanned from DE
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<h1>Kennedy Wilson and GIC Enter Into ~$1 Billion Urban Logistics Joint Venture</h1>
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<p class="clearfix pull-left">12|18|2020</p>
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<hl1>Kennedy Wilson and GIC Enter Into ~$1 Billion Urban Logistics Joint Venture</hl1>
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<p>
<location value="LU/us.ca.bevlls" idsrc="xmltag.org">BEVERLY HILLS, Calif.</location>--(BUSINESS WIRE)-- Global real estate investment company
<a rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.kennedywilson.com&esheet=52350665&newsitemid=20201218005052&lan=en-US&anchor=Kennedy+Wilson&index=1&md5=30c31f9671e1d5f5bf60e204aa80284b" shape="rect">Kennedy Wilson</a>
(NYSE:KW) and GIC, Singapore’s sovereign wealth fund, have entered into a joint venture (“the <b>Joint Venture</b>”) to acquire and manage urban logistics properties in the <location value="LC/gb" idsrc="xmltag.org">UK</location>, with
the potential to expand into <location value="LC/ie" idsrc="xmltag.org">Ireland</location> and <location value="LC/es" idsrc="xmltag.org">Spain</location>.
</p>
<p id="news-body-cta">This press release features multimedia. View the full release here: <a href="https://www.businesswire.com/news/home/20201218005052/en/" rel="nofollow">https://www.businesswire.com/news/home/20201218005052/en/</a></p>
<div id="bwbodyimg" style="width: 480px; float:left; padding-left:0px; padding-right:20px; padding-top:0px; padding-bottom:0px;"><img src="https://mms.businesswire.com/media/20201218005052/en/847747/4/Melton_Enterprise_Park%2C_Hull.jpg"
alt="Kennedy Wilson and GIC Urban Logistics Joint Venture (Photo: Business Wire)">
<p style="font-size:85%;">Kennedy Wilson and GIC Urban Logistics Joint Venture (Photo: Business Wire)</p>
</div>
<p> The Joint Venture will be seeded with a <money>$220 million</money> portfolio comprising 18 urban logistics assets in prime locations in the <location value="LC/gb" idsrc="xmltag.org">UK</location>. The assets are currently wholly owned
by Kennedy Wilson. The Joint Venture will seek additional last-mile urban distribution center investment opportunities, targeting total assets of up to <money>$1 billion</money>. </p>
<p> Kennedy Wilson will be responsible for the sourcing, acquisition and management of the assets. Kennedy Wilson will have a 20% ownership and GIC will have an 80% ownership in the Joint Venture. </p>
<p><b>Mary Ricks, President of Kennedy Wilson, said,</b> “We have witnessed the rapid growth of urban logistics properties driven by strong demand from businesses looking to grow their distribution networks with limited supply of space
across major cities in our target markets. Over the last five years, we have significantly grown our footprint in this asset class. We are thrilled to partner with a preeminent global long-term investor like GIC to further capitalize on
the exciting opportunities in this sector and to build out a premier urban logistics portfolio.” </p>
<p><b>Lee Kok Sun, Chief Investment Officer of Real Estate, GIC, said</b>, “The logistics sector continues to be a long-term area of focus for GIC. We believe the urban logistics sub-market will benefit from positive fundamentals, due to
increasing occupier demand driven by accelerating e-commerce adoption and changing supply chain management strategies. The Joint Venture’s focused strategy, with the management of a skilled partner such as Kennedy Wilson, is well-placed
to capitalise on these trends and generate resilient returns in the long run. This partnership is part of GIC’s broader strategy to invest in this sector.” </p>
<p><b>About Kennedy Wilson</b></p>
<p> Kennedy Wilson (NYSE:KW) is a leading global real estate investment company. We own, operate, and invest in real estate through our balance sheet and through our investment management platform. We focus on multifamily and office
properties located in the <location value="LC/us" idsrc="xmltag.org">Western U.S.</location>, <location value="LC/gb" idsrc="xmltag.org">U.K.</location>, and <location value="LC/ie" idsrc="xmltag.org">Ireland</location>. For further
information on Kennedy Wilson, please visit:
<a rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.kennedywilson.com&esheet=52350665&newsitemid=20201218005052&lan=en-US&anchor=www.kennedywilson.com&index=2&md5=289f0eb540d7c697cf71caa2d4b42f8d" shape="rect">www.kennedywilson.com</a>.
</p>
<p><b>About GIC</b></p>
<p> GIC is a leading global investment firm established in 1981 to manage Singapore’s foreign reserves. As a disciplined long-term value investor, GIC is uniquely positioned for investments across a wide range of asset classes, including
equities, fixed income, private equity, real estate and infrastructure. Headquartered in <location value="LC/sg" idsrc="xmltag.org">Singapore</location>, GIC has investments in over 40 countries and employs over 1,700 people across 10
offices in key financial cities worldwide. For more information on GIC, please visit
<a rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.gic.com.sg&esheet=52350665&newsitemid=20201218005052&lan=en-US&anchor=www.gic.com.sg&index=3&md5=ca7be7f4f08976fff5814b4b1d72c278" shape="rect">www.gic.com.sg</a>
or
<a rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.linkedin.com%2Fcompany%2Fgic%2F%3ForiginalSubdomain%3Dsg&esheet=52350665&newsitemid=20201218005052&lan=en-US&anchor=LinkedIn&index=4&md5=3479a018fdab09dfff012bf8d8e6b188" shape="rect">LinkedIn</a>.
</p>
<p> KW-IR </p>
<p> Special Note Regarding Forward-Looking Statements </p>
<p> Statements in this press release that are not historical facts are “forward-looking statements” within the meaning of <location value="LC/us" idsrc="xmltag.org">U.S.</location> federal securities laws. These forward-looking statements
are estimates that reflect our management’s current expectations, are based on assumptions that may prove to be inaccurate and involve known and unknown risks. Accordingly, our actual results or performance may differ materially and
adversely from the results or performance expressed or implied by these forward-looking statements, including for reasons that are beyond our control. For example, we may not be able to maintain our current acquisition or disposition pace
or identify future properties to acquire on terms we consider attractive, and our current property portfolio may not perform as expected. Accordingly, you should not unduly rely on these statements, which speak only as of the date of this
press release. We assume no duty to update the forward-looking statements, except as may be required by law. </p>
<p><img alt="" src="https://cts.businesswire.com/ct/CT?id=bwnews&sty=20201218005052r1&sid=acqr8&distro=nx&lang=en" style="width:0;height:0"><span class="bwct31415"></span></p>
<p id="mmgallerylink"><span id="mmgallerylink-phrase">View source version on businesswire.com: </span><span
id="mmgallerylink-link"><a href="https://www.businesswire.com/news/home/20201218005052/en/" rel="nofollow">https://www.businesswire.com/news/home/20201218005052/en/</a></span></p>
<p><b>Kennedy Wilson
<br><br>Investors
</b><br><br>Daven Bhavsar, CFA <br><br>Vice President of Investor Relations <br><br>+1 (310) 887-3431 <br><br><a rel="nofollow" href="mailto:dbhavsar@kennedywilson.com" shape="rect">dbhavsar@kennedywilson.com</a></p>
<p><b><location value="LC/us" idsrc="xmltag.org">U.S.</location> Media
</b><br><br>Emily Heidt <br><br>Director of Public Relations <br><br>+1 (310) 887-3499 <br><br><a rel="nofollow" href="mailto:eheidt@kennedywilson.com" shape="rect">eheidt@kennedywilson.com</a></p>
<p><b>European Media
</b><br><br>FTI Consulting <br><br>Dido Laurimore / Eve Kirmatzis <br><br>+44 20 3727 1000 <br><br><a rel="nofollow" href="mailto:kennedywilson@fticonsulting.com" shape="rect">kennedywilson@fticonsulting.com</a></p>
<p><b>GIC
</b><br><br>Marissa Lum <br><br>Assistant Vice President, Communications <br><br>+65 6889 6591 <br><br><a rel="nofollow" href="mailto:marissalum@gic.com.sg" shape="rect">marissalum@gic.com.sg</a></p>
<p> Mah Lay Choon <br><br>Senior Vice President, Communications <br><br>+65 6889 6841 <br><br><a rel="nofollow" href="mailto:mahlaychoon@gic.com.sg" shape="rect">mahlaychoon@gic.com.sg</a></p>
<p>Source: Kennedy Wilson</p>
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Home|Investors|News, Events & Presentations|Press Releases and News
KENNEDY WILSON AND GIC ENTER INTO ~$1 BILLION URBAN LOGISTICS JOINT VENTURE
<< Back to 2020 Press Releases
12|18|2020
Kennedy Wilson and GIC Enter Into ~$1 Billion Urban Logistics Joint Venture
BEVERLY HILLS, Calif.--(BUSINESS WIRE)-- Global real estate investment company
Kennedy Wilson (NYSE:KW) and GIC, Singapore’s sovereign wealth fund, have
entered into a joint venture (“the Joint Venture”) to acquire and manage urban
logistics properties in the UK, with the potential to expand into Ireland and
Spain.
This press release features multimedia. View the full release here:
https://www.businesswire.com/news/home/20201218005052/en/
Kennedy Wilson and GIC Urban Logistics Joint Venture (Photo: Business Wire)
The Joint Venture will be seeded with a $220 million portfolio comprising 18
urban logistics assets in prime locations in the UK. The assets are currently
wholly owned by Kennedy Wilson. The Joint Venture will seek additional last-mile
urban distribution center investment opportunities, targeting total assets of up
to $1 billion.
Kennedy Wilson will be responsible for the sourcing, acquisition and management
of the assets. Kennedy Wilson will have a 20% ownership and GIC will have an 80%
ownership in the Joint Venture.
Mary Ricks, President of Kennedy Wilson, said, “We have witnessed the rapid
growth of urban logistics properties driven by strong demand from businesses
looking to grow their distribution networks with limited supply of space across
major cities in our target markets. Over the last five years, we have
significantly grown our footprint in this asset class. We are thrilled to
partner with a preeminent global long-term investor like GIC to further
capitalize on the exciting opportunities in this sector and to build out a
premier urban logistics portfolio.”
Lee Kok Sun, Chief Investment Officer of Real Estate, GIC, said, “The logistics
sector continues to be a long-term area of focus for GIC. We believe the urban
logistics sub-market will benefit from positive fundamentals, due to increasing
occupier demand driven by accelerating e-commerce adoption and changing supply
chain management strategies. The Joint Venture’s focused strategy, with the
management of a skilled partner such as Kennedy Wilson, is well-placed to
capitalise on these trends and generate resilient returns in the long run. This
partnership is part of GIC’s broader strategy to invest in this sector.”
About Kennedy Wilson
Kennedy Wilson (NYSE:KW) is a leading global real estate investment company. We
own, operate, and invest in real estate through our balance sheet and through
our investment management platform. We focus on multifamily and office
properties located in the Western U.S., U.K., and Ireland. For further
information on Kennedy Wilson, please visit: www.kennedywilson.com.
About GIC
GIC is a leading global investment firm established in 1981 to manage
Singapore’s foreign reserves. As a disciplined long-term value investor, GIC is
uniquely positioned for investments across a wide range of asset classes,
including equities, fixed income, private equity, real estate and
infrastructure. Headquartered in Singapore, GIC has investments in over 40
countries and employs over 1,700 people across 10 offices in key financial
cities worldwide. For more information on GIC, please visit www.gic.com.sg or
LinkedIn.
KW-IR
Special Note Regarding Forward-Looking Statements
Statements in this press release that are not historical facts are
“forward-looking statements” within the meaning of U.S. federal securities laws.
These forward-looking statements are estimates that reflect our management’s
current expectations, are based on assumptions that may prove to be inaccurate
and involve known and unknown risks. Accordingly, our actual results or
performance may differ materially and adversely from the results or performance
expressed or implied by these forward-looking statements, including for reasons
that are beyond our control. For example, we may not be able to maintain our
current acquisition or disposition pace or identify future properties to acquire
on terms we consider attractive, and our current property portfolio may not
perform as expected. Accordingly, you should not unduly rely on these
statements, which speak only as of the date of this press release. We assume no
duty to update the forward-looking statements, except as may be required by law.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20201218005052/en/
Kennedy Wilson
Investors
Daven Bhavsar, CFA
Vice President of Investor Relations
+1 (310) 887-3431
dbhavsar@kennedywilson.com
U.S. Media
Emily Heidt
Director of Public Relations
+1 (310) 887-3499
eheidt@kennedywilson.com
European Media
FTI Consulting
Dido Laurimore / Eve Kirmatzis
+44 20 3727 1000
kennedywilson@fticonsulting.com
GIC
Marissa Lum
Assistant Vice President, Communications
+65 6889 6591
marissalum@gic.com.sg
Mah Lay Choon
Senior Vice President, Communications
+65 6889 6841
mahlaychoon@gic.com.sg
Source: Kennedy Wilson
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