Loeb & Loeb’s bicoastal corporate team represented California-based real estate investment firm Kennedy-Wilson, Inc. in its merger with blank-check company Prospect Acquisition Corp. The merger will provide the new entity, Kennedy-Wilson Holdings, Inc., with $110 million of capital to bolster its already established business of investing in distressed real estate, brokerage and auction services, and property management. The new public company will trade its common stock on the NYSE Amex under the symbols “KWIC” and “KWIC.WS.”
The deal closed Friday, November 13, as Prospect Acquisition faced imminent dissolution. The merger positions Kennedy-Wilson to take advantage of distressed opportunities in the present real estate market and to achieve long-term goals for the growth of the company.