Beverly Hills-based international real estate investment and services firm, Kennedy-Wilson Holdings, Inc. (NYSE: KW), announced Monday that it plans to sell 6 million shares of its common stock in an underwritten public offering.
According to a press release, the company also plans to grant the underwriter a 30-day option to purchase up to 900,000 additional shares.
Deutsche Bank Securities will act as the sole underwriter for the offering.
The company expects to use the net proceeds from the offering for general corporate purposes, including future acquisitions and co-investments, and to repay the $50.0 million outstanding balance under its unsecured revolving credit facility.
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Recently, Kennedy-Wilson acquired a large North Hollywood office building with some remodeling planned. The company also recently purchased eight shopping centers in the United Kingdom with plans to renovate the properties, according to Money Watch.
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