Kennedy Wilson Europe Real Estate Plc (LSE: KWE) an LSE listed property company that invests in real estate across the UK, Ireland, Spain and Italy, has completed the acquisition of Duke Park, Chelmsford, a 160,000 sq ft logistics property, from a local real estate company for £10.5 million, reflecting a yield on cost of 6.75%. The acquisition will be funded from the Company's existing cash resources.

The property is 100% occupied and let to an international logistics business for a term expiring in April 2019, with a tenant's option to extend the lease until October 2023.

Including this acquisition, KWE's UK industrial portfolio includes 34 assets, over 2.9 million sq ft, with an aggregate portfolio value of £191 million. It is 98% occupied with a WAULT of 6.1 years (7.1 years to expiry).

Mary Ricks, President and CEO of Kennedy Wilson Europe, commented: 'The acquisition of Duke Park complements our existing UK industrial portfolio with significant value-enhancing asset management upside. The prime position in Chelmsford alongside low average in place rents of £4.75 psf provides us with options to grow income and enhance values.'

Strutt & Parker and Harwin advised KWE on the acquisition.

Kennedy Wilson Europe Real Estate plc published this content on 14 June 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 14 June 2016 07:04:02 UTC.

Original documenthttp://www.kennedywilson.eu/media/press-releases/2016/kwe-completes-acquisition-of-logistics-property-in-chelmsford-for-105m/

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