Kennedy Wilson Executes Full-Building Leases with WeWork and ASOS in the UK

BEVERLY HILLS, Calif.–(BUSINESS WIRE)–Global real estate investment company Kennedy Wilson (NYSE:KW) has
signed two of the largest European lease deals in the company’s history
with industry leading enterprises WeWork and ASOS. WeWork, the global
provider of flexible, collaborative and shared workspaces, will soon
occupy the entire building at Friars Bridge Court in Southbank London,
and ASOS, the leading online retail group, will expand its presence at
Leavesden Park in Watford to occupy the full building.

“We are excited to sustain strong leasing activity across our European
portfolio as seen with these two leasing transactions recently completed
in the U.K.,” said Mike Pegler, Head of Asset Management of Kennedy
Wilson Europe. “The long-term commitments we are generating from
world-class companies like WeWork and ASOS are a testament to the
quality of our European office assets as well as strong tenant demand in
our U.K. portfolio.”

Representing one of the largest leases of 2018 in the core Southbank
market, WeWork has secured all eight floors at Friars Bridge Court, a
wholly-owned office building that is currently leased to a variety of
tenants on a short-term basis. WeWork is expected to take occupancy of
the building in early 2021 following a comprehensive refurbishment of
the building that is located adjacent to a Hoxton Hotel mixed-use
development and close to several underground rail stations in the
burgeoning neighborhood.

At Leavesden Park, a wholly-owned office asset in London’s Watford
submarket, Kennedy Wilson has executed a new 15-year, 125,000
square-foot lease with leading online fashion retailer ASOS plc that
represents the largest leasing deal in the U.K.’s South East office
market since 2016 and will add $7 million to the company’s estimated
annual NOI once stabilized in 2019. ASOS currently occupies 75,000
square feet of newly refurbished space and will move into the remaining
space at Leavesden Park and fully occupy the suburban office campus in
mid-2019.

About Kennedy Wilson

Kennedy Wilson is a leading global real estate investment company. We
own, operate, and invest in real estate both on our own and through our
investment management platform. We focus on multifamily and office
properties located in the Western U.S., the U.K., and Ireland. For
further information on Kennedy Wilson, please visit: www.kennedywilson.com.

Special Note Regarding Forward-Looking Statements

Statements in this press release that are not historical facts are
“forward-looking statements” within the meaning of U.S. federal
securities laws. These forward-looking statements are estimates that
reflect our management’s current expectations, are based on assumptions
that may prove to be inaccurate and involve known and unknown risks.
Accordingly, our actual results or performance may differ materially and
adversely from the results or performance expressed or implied by these
forward-looking statements, including for reasons that are beyond our
control. For example, we may not be able to maintain our current leasing
pace, and our current property portfolio may not perform as expected.
Accordingly, you should not unduly rely on these statements, which speak
only as of the date of this press release. We assume no duty to update
the forward-looking statements, except as may be required by law.

KW-IR

Author:
Originally Published on November 20, 2018 at 01:36AM

Article published originally via wework – Google News https://www.businesswire.com/news/home/20181120005152/en/Kennedy-Wilson-Executes-Full-Building-Leases-WeWork-ASOS