International real estate investment and services company ""Kennedy Wilson"":http://www.kennedywilson.com has announced the planned formation of a new partnership with ""Fairfax Financial Holdings Limited"":http://www.fairfax.ca to pursue acquisitions of commercial real estate assets, including purchases of loans and real property.
The companies say they will focus their efforts on assets in California.
[IMAGE] [COLUMN_BREAK]Fairfax, a financial services holding company which, through its subsidiaries, is engaged in property and casualty insurance and reinsurance and investment management, will provide up to a $250 million capital commitment. This news follows the recent announcement of Fairfax's purchase of up to $100 million of Kennedy Wilson convertible preferred stock.
""We are extremely pleased about working with Fairfax on both the corporate level and deal level,"" said William McMorrow, chairman and CEO of Kennedy Wilson. ""Fairfax is such a well respected company with an extraordinary reputation worldwide.""
Kennedy Wilson will lead the sourcing and negotiation of investment opportunities, in addition to holding key responsibility for due diligence, financing, property management, asset management, and disposition.
Prem Watsa, chairman and CEO of Fairfax, commented, ""Kennedy Wilson's strong investment track record and exceptional ability to source, manage, and sell properties, make them a unique partner and an excellent choice for Fairfax in pursuing current value in the commercial real estate sector, particularly in California.""