After acquiring Union Park in 2020, Kennedy Wilson initiated a successful redevelopment, lease-up and refinancing of the asset before selling it in 2023 for more than a 5% yield.
Kennedy Wilson identified the value-add opportunity at Union Park, a 8.5-acre logistics site located 25 miles from London, driven by its undersupplied location and the massive rental growth in the South East market. The team demolished the existing buildings and developed eight new units totaling 165,000 square feet. Following the redevelopment, Kennedy Wilson leased up to an occupancy of 90%, including a 50,000 square-foot anchor lease with LG for a 10-year term. Nearly all of Kennedy Wilson's equity was returned in a 2021 refinancing, before the asset was sold in April 2023.
