8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_____________

FORM 8-K

_____________

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):

October 30, 2020

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KENNEDY-WILSON HOLDINGS, INC.

(Exact name of registrant as specified in its charter)

_____________

Delaware	001-33824	26-0508760
(State or other jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

151 S El Camino Drive Beverly Hills, California 90212

(Address of principal executive offices)(Zip Code)

(310) 887-6400

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

_____________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2.):

☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

(See definition of “large accelerated filer," "accelerated filer," "smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act). (Check one):

Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
Emerging growth company	☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   ☐  Yes    ☒  No

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, $.0001 par value	KW	NYSE

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   ☐  

ITEM 8.01    Other Events

On October 29, 2020, Kennedy-Wilson Holdings, Inc. (the “Company”) completed the sale of a wholly-owned, unlevered office building located in Dublin, Ireland. The Company sold the building for a total sales price of approximately $165 million resulting in total net proceeds of approximately $165 million and a gain on sale of approximately $85 million which will be recognized by the Company in the fourth quarter of 2020.

A copy of a press release released by the Company with respect to the sale is furnished as Exhibit 99.1 to this Current

Report on Form 8-K and is not incorporated in this Item 8.01 by this reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.	Description
99.1	Press release dated October 30, 2020.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

KENNEDY-WILSON HOLDINGS, INC.
By:	/s/ JUSTIN ENBODY
	Justin Enbody
	Chief Financial Officer

Date: October 30, 2020

EX-99.1

Exhibit 99.1

KENNEDY WILSON SELLS BAGGOT PLAZA OFFICE IN DUBLIN, IRELAND FOR $165 MILLION

October 30, 2020 – Global real estate investment company Kennedy Wilson (NYSE:KW) has completed the sale of Baggot Plaza, a wholly-owned, unlevered Grade A office building located in Dublin’s city center, for $165.4 million to Deka Immobilien, the specialist real estate investments arm of the Deka Group. The sale reflects a net initial yield of 4%. The net proceeds of $165.1 million will be recycled into new opportunities including European acquisitions and developments as part of Kennedy Wilson’s investment management platforms.

Kennedy Wilson acquired the 92,000 square foot 1970s building on Upper Baggot Street as part of the Project Opera non-performing loan portfolio in 2013. After securing vacant possession, Kennedy Wilson received planning consent for a ‘back to frame’ redevelopment. This added 37,700 square feet to the building, including a signature triple-height atrium, and transformed the building into a Grade A, corporate HQ with LEED Gold certification. In May 2015, the Bank of Ireland signed a 25-year lease agreement for occupation in July 2016 at market-leading rents for the time, generating a stabilized yield on cost of 8.6%.

Ali Rohan, Head of Ireland, Kennedy Wilson Europe, said: “Baggot Plaza showcases the breadth of our investment, development and asset management capabilities. Having opportunistically acquired the building as part of a larger NPL portfolio, we saw the market timing potential of a comprehensive refurbishment versus a knock-down and rebuild strategy, and delivered a significant, long-term lease to a credit worthy occupier. Smart reuse of the existing structure allowed us to achieve a LEED Gold rating while working with Bank of Ireland to help create an innovative new space for its city center staff.”

-ENDS-

About Kennedy Wilson

Kennedy Wilson (NYSE:KW) is a leading global real estate investment company. We own, operate, and invest in real estate through our balance sheet and through our investment management platform. We focus on multifamily and office properties located in the Western U.S., 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 acquisition or disposition pace or identify future properties to acquire on terms we consider attractive, 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.

Contact:

Investors

Daven Bhavsar, CFA

Vice President of Investor Relations

+1 (310) 887-3431

dbhavsar@kennedywilson.com

European Media

FTI Consulting

Dido Laurimore / Eve Kirmatzis

+44 20 3727 1000

kennedywilson@fticonsulting.com

U.S. Media

Emily Heidt

Director of Public Relations

+1 (310) 887-3499

eheidt@kennedywilson.com

XML

Cover Page	Oct. 30, 2020
Cover [Abstract]
Document Type	8-K
Document Period End Date	Oct. 30, 2020
Entity Registrant Name	KENNEDY-WILSON HOLDINGS, INC.
Entity Incorporation, State or Country Code	DE
Entity File Number	001-33824
Entity Tax Identification Number	26-0508760
Entity Address, Address Line One	151 S El Camino Drive
Entity Address, City or Town	Beverly Hills
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90212
City Area Code	310
Local Phone Number	887-6400
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Title of 12(b) Security	Common stock, $.0001 par value
Trading Symbol	KW
Security Exchange Name	NYSE
Entity Central Index Key	0001408100
Amendment Flag	false