Kennedy-Wilson International Successfully Acquires a 320,130 Square Foot Office Portfolio for KWI Property Fund I

Apr 12, 2001, 01:00 ET from Kennedy-Wilson, Inc.

    HOUSTON, April 12 /PRNewswire/ -- Kennedy-Wilson, Inc., (Nasdaq:   KWIC)
 Chairman Barry Schlesinger and Senior Managing Directors Steve Pyhrr and Phil
 Capron of Kennedy-Wilson, Inc., the international real estate investment,
 services and fund management firm, have successfully completed the acquisition
 of a suburban office portfolio comprised of three properties for the company's
 KWI Property Fund I.  The Class "B" suburban office buildings, Westchase
 Central I and II, located in the prominent Westchase/Westheimer-Gessner
 submarket of Houston, and Ashford Crossing II, located near the Energy
 Corridor in Northwest Houston, total 320,130 square feet.  Kennedy-Wilson
 utilized many of its internal resources and services to complete the
 transactions for Fund I.  Those services include Acquisition, Management,
 Leasing and Debt Placement.
     KWI Property Fund I, L.P. is a $250 million commingled fund for the
 acquisition of real estate formed by Kennedy-Wilson International in August of
 2000.  According to Mr. Schlesinger, "Kennedy-Wilson has added the three
 Houston assets to the seven properties already in Fund I.  The Fund management
 team will immediately implement a marketing and leasing program to further
 improve the performance of each property."  The KWI Property Fund I mirrors
 the already successful fund management business, which Kennedy-Wilson
 established in Japan in 1998.  Fund I is a limited partnership with pension
 fund investors that acquires "value added" real estate (office, industrial,
 residential and retail) in target cities in the Southwestern and Southern
 regions of the U.S.  Acquisitions to date have been made in the Los Angeles,
 Austin and Atlanta with additional acquisitions underway in Tampa and Dallas.
 
     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.
    HOUSTON, April 12 /PRNewswire/ -- Kennedy-Wilson, Inc., (Nasdaq:   KWIC)
 Chairman Barry Schlesinger and Senior Managing Directors Steve Pyhrr and Phil
 Capron of Kennedy-Wilson, Inc., the international real estate investment,
 services and fund management firm, have successfully completed the acquisition
 of a suburban office portfolio comprised of three properties for the company's
 KWI Property Fund I.  The Class "B" suburban office buildings, Westchase
 Central I and II, located in the prominent Westchase/Westheimer-Gessner
 submarket of Houston, and Ashford Crossing II, located near the Energy
 Corridor in Northwest Houston, total 320,130 square feet.  Kennedy-Wilson
 utilized many of its internal resources and services to complete the
 transactions for Fund I.  Those services include Acquisition, Management,
 Leasing and Debt Placement.
     KWI Property Fund I, L.P. is a $250 million commingled fund for the
 acquisition of real estate formed by Kennedy-Wilson International in August of
 2000.  According to Mr. Schlesinger, "Kennedy-Wilson has added the three
 Houston assets to the seven properties already in Fund I.  The Fund management
 team will immediately implement a marketing and leasing program to further
 improve the performance of each property."  The KWI Property Fund I mirrors
 the already successful fund management business, which Kennedy-Wilson
 established in Japan in 1998.  Fund I is a limited partnership with pension
 fund investors that acquires "value added" real estate (office, industrial,
 residential and retail) in target cities in the Southwestern and Southern
 regions of the U.S.  Acquisitions to date have been made in the Los Angeles,
 Austin and Atlanta with additional acquisitions underway in Tampa and Dallas.
 
     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.