BEVERLY HILLS, CA - International real estate investment and services firm Kennedy Wilson (NYSE: KW) today announced an agreement to acquire Beverly Hills based commercial brokerage and property management company Sachse Real Estate. The combination will expand the retail capability of Kennedy Wilson's investments, brokerage and management services offerings and give Sachse Real Estate's retail operations a larger platform to source deals, provide equity and invest in deals.
Chairman and CEO of Kennedy Wilson, William J. McMorrow, stated, "We are thrilled to welcome Ed to the Kennedy Wilson family and believe that his expertise and strong relationships in the retail sector will allow the company to continue taking advantage of opportunities in this momentum market."
Ed Sachse, president of Sachse Real Estate, commented, "This gives my company an unprecedented opportunity to bring our platform together with the financial strength and skills of Kennedy Wilson. There's no other firm in this market that would not only provide my clients with increased services and resources but also allow opportunities to my team for equity investing."
Sachse Real Estate has provided brokerage services to the Los Angeles and Orange County areas for over twenty years and helped to shape the landscape of the Los Angeles streets. From Hollywood to Santa Monica, Sachse's clientele includes household names such as Trader Joe's, Staples, Petco, Starbucks and Chipotle. Additionally, Sachse has brought unique retailers to the west side, including Amoeba Records, Bathing Ape, G-Star and Lucy Activewear. Sachse has worked with owners such as CIM Group, Transwestern Investment Company and The Irvine Company. Over its history, Sachse has also completed hundreds of thousands of square feet of major office leasing throughout Los Angeles with tenants in the entertainment and professional industries.
"I've known Ed for 20 years—he's an honest and highly skilled real estate professional, and I'm so excited to be working together," said Jim Rosten, president of Kennedy Wilson Properties. "The addition of the Sachse Real Estate team to Kennedy Wilson provides our company with a unique retail competency and enhances our sourcing capabilities."
Kennedy Wilson, which recently began trading on the New York Stock Exchange, stands to benefit from Sachse Real Estate's high visibility in the Los Angeles retail markets. The collaboration is aligned with Kennedy Wilson's focus on acquisitions and growth since its November 2009 merger with Prospect Acquisition Corp, as stated in its recent earnings release.
Founded in 1977, Kennedy Wilson is an international real estate investment and services company headquartered in Beverly Hills, CA with 22 offices in the U.S. and Japan. The company offers a comprehensive array of real estate services including property and asset management, brokerage and auction services, and construction and trust management. Through its fund management and separate account businesses, Kennedy Wilson is a strategic investor and manager of real estate investments in the U.S. and Japan.
Source: Kennedy Wilson