Business Services Industry
Kennedy-Wilson Inc
Real Estate Weekly, April 5, 2000
Kennedy-Wilson Inc., an international real estate marketing and property management firm, announced today that it has purchased a loan portfolio with a face value of $275 million from a major Japanese life insurance company. The purchase price of this portfolio, consisting of both secured and unsecured loans, was less than ten cents on the dollar.
"This transaction, like most of our purchases, was privately negotiated with the seller over the last six months," says Richard Mandel, president of the Commercial Group at Kennedy-Wilson. "The purchase of this portfolio furthers our strategy to increase the size and value of our assets in Japan."
Kennedy-Wilson Japan's licensed loan servicer, Pacific Servicing, will handle the collection on the portfolio.
"Kennedy-Wilson will continue to aggressively pursue non-performing loan pools of all sizes as well as single asset and portfolio investments," says Mandel. "We will close additional acquisitions prior to the end of March."
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