Company: KW
Filing Date: 2025-12-08
Form Type: 8-K
Source: 0001408100-25-000183
Chunk: 0

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-12-08
Form: 8-K
Item: Item 8.01
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Item 8.01 Other Events

As previously announced, a wholly-owned subsidiary of Kennedy-Wilson Holdings, Inc., a Delaware corporation (the “ Company” or “we”), entered into an Interest Purchase Agreement (the “ Agreement”) with a wholly-owned subsidiary of Toll Brothers, Inc., a Delaware corporation (“ Toll”), to acquire Toll’s apartment development platform for approximately $379.6 million, as adjusted per customary prorations and adjustments (the “ Transaction”). On December 5, 2025, the Company and its partners completed the first of the phased closings of the Transaction (the “ First Closing”) investing a total of $202.8 million and purchasing (i) Toll’s ownership interests and certain contractual arrangements in a total of four completed multifamily and student housing properties; and (ii) a significant portion of Toll’s current and future multifamily and student housing property development pipeline both owned and under contract to acquire that are subject to purchase by the Company and its partners pursuant to the terms of the Agreement.

Upon completion of all of the closings in the Transaction, the Company expects its total investment in the Transaction to be approximately $126.3 million, which includes $102.5 million that the Company invested in the First Closing (inclusive of a $25.0 million deposit that was paid by the Company and held in escrow as of the date of signing the Agreement, of which $22.5 million was applied towards the Company’s investment in the First Closing). The Company currently expects to complete the remaining closings in the Transaction to acquire the remaining assets under the Agreement (as described below) in December 2025 and January 2026. There can be no assurance that the Company and its partners will complete the remaining closings.

Upon closing of the total Transaction (including the assets acquired in the First Closing), the Company and its partners expect to acquire (i) Toll’s ownership interests and certain contractual arrangements in a total of 18 properties, which includes 17 multifamily properties and one student housing property (collectively the “ Property Portfolio”); and (ii) Toll’s current and future multifamily and student housing property development pipeline (the “ Transaction Pipeline”). The Property Portfolio consists of a total of 5,056 units across fifteen completed assets and, when completed, an additional 1,008 units across three assets that have been capitalized with equity partner and debt financing and are currently under construction. Toll’s aggregate equity ownership interest in the Property Portfolio is approximately 37% and the assets comprising the Property