U.S. real estate investment fund Kennedy-Wilson Holdings Inc plans to raise as much as 750 million pounds ($1.3 billion) from a stock market listing of its European property unit, betting on investor confidence in the markets of Ireland, Britain and Spain.Kennedy-Wilson, which manages $13.7 billion in property assets globally, said on Friday it planned to raise the cash by placing shares with institutions and selected cornerstone investors, and also by allowing its affiliates to subscribe.It said it had already received binding commitments of 685 million pounds of the gross proceeds, which included a pledge from a group of cornerstone investors - comprising of funds such as George Soros' Quantum Partners and asset manager Janus Capital - and affiliates to invest 615 million pounds.The unit to be listed on the London Stock Exchange will initially look to acquire property and property loans in Britain, Ireland and Spain before looking for other opportunities in other parts of Europe and will target investments that on average will generate a total return of 15 percent, it said.
Kennedy-Wilson Holdings, Inc. (KWH) is an international real estate investment and services firm. Shares of KW traded higher by 1.64% or $0.39/share to $24.12. In the past year, the shares have traded as low as $14.53 and as high as $24.36. On average, 332902 shares of KW exchange hands on a given day and today's volume is recorded at 234903.
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