Kennedy-Wilson Completes the Acquisition of 5 Office Buildings in Japan for a Total Consideration of $94 Million

Kennedy-Wilson's Subsidiary Reports Outstanding First Quarter Results as It

Continues to Assemble Approximately $500 Million in Quality Office Properties



Apr 10, 2001, 01:00 ET from Kennedy-Wilson, Inc.

    BEVERLY HILLS, Calif., April 10 /PRNewswire/ --
 Kennedy-Wilson, Inc. (Nasdaq:   KWIC), the international real estate investment,
 services and fund management company, announced today that its subsidiary
 Kennedy-Wilson Japan (KW Japan) has successfully completed the purchase of
 5 prominent office properties -- Takadanobaba Center, Akasaka Tamieke
 Building, Meguro Station Building, Hibiya Park Building and Ginza Wako
 Building -- in Tokyo, Japan.  Total consideration for the 5-building purchase
 is approximately $94 million.  According to Richard Mandel, President of
 Kennedy-Wilson's Commercial Group globally, "These acquisitions are part of
 Kennedy-Wilson's plan to assemble about $500 million in better quality office
 properties.  By the end of April, 2001, KW Japan will own approximately
 $400 million of real estate in Japan."  The acquisitions are the most ever
 purchased in a single quarter.  KW Japan anticipates completing the purchase
 of six more properties by the end of May.
     Ryosuke Homma, President of KW Japan stated, "These transactions are in
 line with our strategy of purchasing well-located, prime real estate
 throughout Japan at prices which we believe reflect the bottom of the market.
 The Japanese real estate market continues to hold tremendous upside potential
 for investors and these properties offer very stable income streams with the
 ability to increase their value in the coming years as current leases expire.
 In addition, our ability to finance the transactions with non-recourse,
 yen-denominated debt will greatly enhance our return on the properties."
     Mark Lippmann, Vice President for KW Japan, stated that, "KW Japan asset
 manages all properties acquired.  This purchase brings our firm's total asset
 management portfolio to twelve buildings.  We have achieved occupancy rates of
 98% throughout our portfolio because of our management and leasing expertise
 and performance."
     The five buildings purchased this quarter total more than 200,000 square
 feet.  The Takadanobaba Center and the Akasaka Tamieke buildings are the
 largest of the 5 properties acquired.  Takadanobaba is a Class "A" office
 property located in Takadanobaba, Shinjuku-ku, Tokyo, Japan.  The 12-story
 building consists of approximately 114,000 square feet and is 100% occupied.
 The Akasaka Tamieke building is a Class "B+" property in a Class "A" location.
 Built in 1965 and located in Akasaka, Minato-ku, Tokyo, the 9-story, 59,000
 square foot property was fully renovated by the seller.  It is also 100%
 occupied.  As with KW previous purchases in Japan, they have arranged
 non-recourse yen loans as a significant part of the financing.  The current
 interest rate for these loans is between 1-1/2 and 2-1/2 % per annum.
 
     Founded in 1977, Kennedy-Wilson, Inc. is an international real estate
 investment, services and fund management firm headquartered in Beverly Hills
 with fifteen offices throughout the United States and five offices in Asia.
 The company offers a comprehensive array of real estate services including
 brokerage, asset management, property management, development, investment
 sales and acquisition.  The firm sources and places debt and equity for the
 acquisition of real estate through its investment and fund management
 divisions.  Kennedy-Wilson is a strategic investor and manager of value-added
 and core portfolio investments, both in partnership with institutional
 investors and in wholly owned projects in the United States and Japan.
 Kennedy-Wilson provides real estate services to Japanese and international
 investors from its offices in Asia, including its regional headquarters office
 in Tokyo.
 
     This release contains forward-looking statements as well as historical
 information.  Statements of goals and strategies and words such as "plan",
 "believe", "anticipate", "expect", "objectives", "forecast", and "predict" and
 other similar words are intended to identify forward-looking statements.
 These forward looking statements are included in accordance with the "safe
 harbor" provisions of the Private Securities Litigation Reform Act of 1995,
 and involve risks, uncertainties and other factors that may cause the
 company's actual results, performance, or financial condition to be materially
 different from any results, performance, or financial condition suggested by
 the statements in this release.
 
 

SOURCE Kennedy-Wilson, Inc.
    BEVERLY HILLS, Calif., April 10 /PRNewswire/ --
 Kennedy-Wilson, Inc. (Nasdaq:   KWIC), the international real estate investment,
 services and fund management company, announced today that its subsidiary
 Kennedy-Wilson Japan (KW Japan) has successfully completed the purchase of
 5 prominent office properties -- Takadanobaba Center, Akasaka Tamieke
 Building, Meguro Station Building, Hibiya Park Building and Ginza Wako
 Building -- in Tokyo, Japan.  Total consideration for the 5-building purchase
 is approximately $94 million.  According to Richard Mandel, President of
 Kennedy-Wilson's Commercial Group globally, "These acquisitions are part of
 Kennedy-Wilson's plan to assemble about $500 million in better quality office
 properties.  By the end of April, 2001, KW Japan will own approximately
 $400 million of real estate in Japan."  The acquisitions are the most ever
 purchased in a single quarter.  KW Japan anticipates completing the purchase
 of six more properties by the end of May.
     Ryosuke Homma, President of KW Japan stated, "These transactions are in
 line with our strategy of purchasing well-located, prime real estate
 throughout Japan at prices which we believe reflect the bottom of the market.
 The Japanese real estate market continues to hold tremendous upside potential
 for investors and these properties offer very stable income streams with the
 ability to increase their value in the coming years as current leases expire.
 In addition, our ability to finance the transactions with non-recourse,
 yen-denominated debt will greatly enhance our return on the properties."
     Mark Lippmann, Vice President for KW Japan, stated that, "KW Japan asset
 manages all properties acquired.  This purchase brings our firm's total asset
 management portfolio to twelve buildings.  We have achieved occupancy rates of
 98% throughout our portfolio because of our management and leasing expertise
 and performance."
     The five buildings purchased this quarter total more than 200,000 square
 feet.  The Takadanobaba Center and the Akasaka Tamieke buildings are the
 largest of the 5 properties acquired.  Takadanobaba is a Class "A" office
 property located in Takadanobaba, Shinjuku-ku, Tokyo, Japan.  The 12-story
 building consists of approximately 114,000 square feet and is 100% occupied.
 The Akasaka Tamieke building is a Class "B+" property in a Class "A" location.
 Built in 1965 and located in Akasaka, Minato-ku, Tokyo, the 9-story, 59,000
 square foot property was fully renovated by the seller.  It is also 100%
 occupied.  As with KW previous purchases in Japan, they have arranged
 non-recourse yen loans as a significant part of the financing.  The current
 interest rate for these loans is between 1-1/2 and 2-1/2 % per annum.
 
     Founded in 1977, Kennedy-Wilson, Inc. is an international real estate
 investment, services and fund management firm headquartered in Beverly Hills
 with fifteen offices throughout the United States and five offices in Asia.
 The company offers a comprehensive array of real estate services including
 brokerage, asset management, property management, development, investment
 sales and acquisition.  The firm sources and places debt and equity for the
 acquisition of real estate through its investment and fund management
 divisions.  Kennedy-Wilson is a strategic investor and manager of value-added
 and core portfolio investments, both in partnership with institutional
 investors and in wholly owned projects in the United States and Japan.
 Kennedy-Wilson provides real estate services to Japanese and international
 investors from its offices in Asia, including its regional headquarters office
 in Tokyo.
 
     This release contains forward-looking statements as well as historical
 information.  Statements of goals and strategies and words such as "plan",
 "believe", "anticipate", "expect", "objectives", "forecast", and "predict" and
 other similar words are intended to identify forward-looking statements.
 These forward looking statements are included in accordance with the "safe
 harbor" provisions of the Private Securities Litigation Reform Act of 1995,
 and involve risks, uncertainties and other factors that may cause the
 company's actual results, performance, or financial condition to be materially
 different from any results, performance, or financial condition suggested by
 the statements in this release.
 
 SOURCE  Kennedy-Wilson, Inc.