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Kennedy-Wilson Holdings: Kennedy Wilson Europe Real Estate Plc Rns Release Dated October 28, 2015 Exhibit

The following excerpt is from the company's SEC filing.

Exhibit 99.1

KENNEDY WILSON EUROPE REAL ESTATE PLC

(“KWE”, the “Company”)

KWE MAKES FIRST ITALIAN INVESTMENT WITH €185.5 MILLION PURCHASE OF

NINE OFFICES LET TO THE ITALIAN GOVERNMENT

Kennedy Wilson Europe Real Estate Plc (LSE: KWE) an LSE listed property company that invests in direct real estate and real estate loans in Europe, has conditionally acquired a portfolio of nine offices in Italy fully let to the Italian government. The portfolio is being acquired from InvestiRE SGR, as the management company of the closed-end mutual property investment fun d known as Fondo Immobili Pubblici (“FIP”). The portfolio net purchase price is €185.5 million, reflecting a yield on cost of 6.3%.

The portfolio comprises nine high quality office buildings 100% occupied by Italian government ministries (see Table 1), across 1.1 million sq ft (99,200 sq m) of lettable space, generating a day one NOI of €12.1 million, subject to annual indexation of 75% of CPI. The majority of the offices have been comprehensively refurbished with 50% of NOI being generated from properties refurbished from 2014. The unexpired lease term is 7.1 years with all the existing leases expiring simultaneously in December 2022.

At Via Valtellina, Milan, the local council approved a resolution to grant planning consent in September, to take effect in 2016, for the redevelopment of the adjoining Farini rail exchange, including the KWE’s Via Valtellina property. This will see significant regeneration of the area and development of new offices, residential property and parks over an area comprising c. 5 million sq ft.

Mary Ricks, President and CEO of Kennedy Wilson Europe, commented:

“This is KWE’s first investment in Italy, having kept a...


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