Overview

• Kennedy Wilson will acquire GP interests in 18 apartment and student-housing properties with about $2.2 billion in assets and a 29-project pipeline that would total roughly $3.6 billion if completed.
• Kennedy Wilson will take over management of 20 properties that Toll Brothers will continue to own for now as Toll plans to sell those assets over time.
• Kennedy Wilson plans an initial investment of approximately $90 million in the acquired interests, with the remainder funded by existing Kennedy Wilson partners.
• The transaction is expected to add about $5 billion to Kennedy Wilson’s assets under management and expand a rental platform that now totals more than 80,000 units owned, financed, or managed.
• The acquisition includes Toll Brothers’ Apartment Living leadership and development teams, and Kennedy Wilson will assume construction responsibility for the pipeline, with closing targeted for October pending customary conditions.