Global real estate investment company Kennedy-Wilson Holdings Inc. (KW) has announced the acquisition of One Embassy Gardens, a residential and commercial building in London, for $252 million.
The company invests in commercial and multifamily properties situated in Ireland, the U.K., and the Western U.S. (See Kennedy-Wilson stock chart on TipRanks)
The 15,600 square-foot Grade A office building is located in London’s Nine Elms district and has been awarded BREEAM Excellent certification. Its design minimizes water and energy consumption.
Head of the U.K. division at Kennedy-Wilson Mike Pegler said, “One Embassy Gardens is a high-quality, green-certified asset of scale with a secure income stream within one of the fastest-expanding submarkets of central London and it is set to further benefit from the ‘tech-clustering’ effect when Apple (AAPL) opens its headquarters in 2022.”
Evercore ISI analyst Sheila McGrath recently maintained a Buy rating on Kennedy-Wilson with a price target of $23 (16.2% upside potential). The analyst expects the company to record a loss of $0.04 per share in the second quarter.
Overall, the stock has a Moderate Buy consensus rating based on 2 Buys. The average Kennedy-Wilson price target is $23. The company’s shares have gained 30% over the past year.
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