Kennedy-Wilson Buys 2 Buildings in Japan

Kennedy-Wilson Inc., a real estate services firm, said it acquired two office buildings in Japan for about $37 million, as it looks to build a portfolio of properties there. The 86,000-square-foot Nisso 3 Building in Yokohama is 100% occupied. The company also bought Intelligent Plaza, a 27,000-square-foot building in Tokyo that is 89% leased. The purchases are part of Kennedy-Wilson’s plan to assemble about $500 million in better-quality office properties in the next 18 months in Japan, said Richard Mandel, president of Kennedy-Wilson’s commercial group. The company has looked to Japan for real estate bargains and in October bought $250 million of nonperforming Japanese property loans for less than 10 cents on the dollar. Kennedy-Wilson entered the Japanese market in 1989 and is now the largest U.S. real estate company operating there. Beverly Hills-based Kennedy-Wilson shares fell 25 cents to close at $8.50 on Nasdaq.