Kennedy Wilson has added to its expanding arsenal of routes into European commercial property by forming a $365m (£233m) fund.
The US real estate investment and services company has teamed up with Toronto-based insurance and investment management firm Fairfax Financial for the partnership, which will initially buy property and loans in the UK and Ireland.
Fairfax will provide $327m in capital with Kennedy Wilson putting in a 10% co-investment. Kennedy Wilson will find and execute deals and will also manage the portfolio.
In 2010 the partners launched their first vehicle, a $278m US partnership fund, which is now fully invested.
Kennedy Wilson has also bought £1.1bn of a UK property loan book from Bank of Ireland and the bank’s real estate investment management platform.
