Kennedy Wilson Europe closes £351m fresh capital raising

Kennedy Wilson Europe Real Estate (KWE) has completes its second capital raising program, raising £351.5m in gross gross proceeds through issuing 34.94m new shares at £10.06 per new ordinary share.

The enlarged issued share capital of KWE will be 135,163,725 ordinary shares in aggregate, reflecting a 35% increase.

The net proceeds will fund future investments in real estate assets and real estate loans in accordance with the group’s investment policy and for general corporate purposes.

In a statement, Charlotte Valeur, chair of Kennedy Wilson Europe Real Estate Plc, said: “We have had an excellent response to this transaction and, on behalf of the Board and the Kennedy Wilson team, I would like to thank our investors for their continued support.”

Mary Ricks, president and CEO of KW Europe, reflecting the view of the Investment Manager, added: “This successful offering represents a further milestone for the Company. 

“We now look forward to capitalising on market conditions and our extensive pipeline of opportunities to invest the proceeds from the transaction as part of our strategy to deliver strong capital returns and sustainable earnings for our shareholders.”

Deutsche Bank and Bank of America Merrill Lynch acted joint global co-ordinators and joint bookrunners. J.P.Morgan Cazenove and Davy acted as joint bookrunners.

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