Kennedy Wilson and GIC to create a joint venture.

Kennedy Wilson, a global real estate investment company, and GIC, Singapore’s sovereign wealth fund, agreed to create a joint venture and manage urban logistics properties in the UK, with the potential to expand into Ireland and Spain. Kennedy Wilson will be responsible for the sourcing, acquisition and management of the assets. Kennedy Wilson will have a 20% ownership and GIC will have an 80% ownership in the joint venture. “We have witnessed the rapid growth of urban logistics properties driven by strong demand from businesses looking to grow their distribution networks with limited supply of space across major cities in our target markets. Over the last five years, we have significantly grown our footprint in this asset class. We are thrilled to partner with a preeminent global long-term investor like GIC to further capitalize on the exciting opportunities in this sector and to build out a premier urban logistics portfolio,” Mary Ricks, Kennedy Wilson President.