Kennedy Wilson Sells Stake to Japanese Firm

Kennedy Wilson, a real estate investment and services company based in Beverly Hills, Calif., has reported the sale of a 20% stake in its apartment management division to Kenedix Inc., a Japanese real estate company.The 20% interest was sold for $9 million, giving the division a valuation of $45 million, Kennedy Wilson said. "This significant transaction completes an 11-year strategy of creating an operating presence in Japan and subsequently bringing institutional Japanese capital back to the U.S.," said William J. McMorrow, chairman and chief executive officer of Kennedy Wilson. The company also announced that it will form a joint venture with Kenedix, to be named Kennedy Wilson Multifamily Group, that is expected to purchase $400 million of apartment properties in the United States this year. Kennedy Wilson can be found online at http://www.kennedywilson.com.