Kennedy Wilson enters UK PRS with £68m debt purchase

US investment firm Kennedy Wilson has entered the UK private rented sector (PRS) with the purchase of a non-performing loan of £68.5m on Pioneer Point in Ilford, London. The debt purchase, made through the LA-based company’s European subsidiary, Kennedy Wilson Europe (KWE), compares with an unpaid principal balance of £149m. The acquisition is being funded by the company’s cash resources and it planned to take 100% ownership later this year before rebranding and relaunching the development.