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Company: Kennedy Wilson Europe Real Estate plc
Transaction: £1bn Fundraising and Listing on the London Stock Exchange (February 2014) and £351.5m Firm Placing, Placing and Open Offer (October 2014)
Davy Role: Joint Bookrunner
Davy served as a joint bookrunner in the syndicate which raised aggregate proceeds of c. £1bn for the newly-incorporated Kennedy Wilson Europe Real Estate plc (“KWE”). The proceeds were raised in association with KWE’s admission to the London Stock Exchange in February 2014. The primary offering was the third largest on the London Stock Exchange in 2014.
KWE’s investment strategy is centred on the acquisition of real estate and real estate loans in Europe, initially in the UK, Ireland and Spain with scope for investment in other European countries on an opportunistic basis in the future. Following its admission to the London Stock Exchange, KWE used the proceeds raised in February 2014 to acquire a high quality portfolio of real estate assets and loans, including 15 assets located in Ireland with a value of c. £400m by the end of June 2014. These assets comprised a mix of office, retail and multifamily residential assets (including a large block of pre-built units and an associated site for future residential development at Central Park, in Leopardstown, Dublin).
Following excellent progress in implementing its investment strategy and deploying the proceeds raised from the Admission process, in October 2014 KWE returned to the capital markets to conduct a secondary offering by way of a Firm Placing, Placing and Open Offer. Davy again served as a joint bookrunner for the process and assisted in raising aggregate proceeds of £351.5m. This additional firepower would allow KWE to continue to capitalise on the recovery of the European real estate market.
By the end of 2014, KWE had assembled an investment portfolio with a value of almost £2bn, a remarkable progression considering the formation of the company only twelve months prior. The KWE story serves as a demonstration of the efficiency of capital allocation through the equity capital markets, where Davy was able to assist in directing significant investment funds to the company by serving as an intermediary between its institutional clients and KWE.
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