Joby Aviation closes $591 million stock offering with full underwriter option
BEVERLY HILLS/FORT WASHINGTON - Kennedy Wilson (NYSE:KW), a real estate investment company with a market capitalization of $1.2 billion, has agreed to acquire Toll Brothers’ (NYSE:TOL) Apartment Living platform and its interests in a portfolio of rental properties for $347 million, according to a press release statement. According to InvestingPro analysis, Kennedy Wilson is currently trading below its Fair Value, suggesting potential upside opportunity for investors interested in real estate sector consolidation plays.
The transaction, expected to close in October 2025, will add over $5 billion of assets under Kennedy Wilson’s management, including $2.2 billion in 18 apartment and student housing properties that Kennedy Wilson will acquire directly, and $3.0 billion in 20 properties it will manage on behalf of Toll Brothers. This expansion comes as Kennedy Wilson maintains its impressive 15-year streak of consistent dividend payments, currently offering a 5.6% dividend yield.
Kennedy Wilson will also acquire a pipeline of 29 development sites which, if completed, would represent approximately $3.6 billion in capitalization. The real estate investment company will assume construction management responsibilities for these properties.
As part of the deal, Kennedy Wilson plans to make offers to all employees of Toll Brothers Apartment Living and anticipates the entire executive team will join to oversee the portfolio and grow the development platform.
Kennedy Wilson expects to make an initial investment of approximately $90 million in the acquired interests and will assume Toll Brothers’ general partner role in the acquired assets. The balance of the purchase price will be funded from existing Kennedy Wilson partners.
"This purchase helps create an unparalleled national platform within the rental housing space that totals over 80,000 units we own, finance or manage," said William McMorrow, Chairman and CEO of Kennedy Wilson.
For Toll Brothers, the transaction represents a strategic shift. "This transaction will unlock significant capital for our stockholders, while allowing us to focus on our core homebuilding business and continue our transformation to a more asset-light homebuilder," said Douglas C. Yearley, Jr., Chairman and CEO of Toll Brothers.
The companies also announced plans for a long-term relationship where they will refer investment opportunities to each other across rental and for-sale housing segments.
In other recent news, Kennedy-Wilson Holdings Inc. reported its financial performance for the second quarter of 2025, revealing stronger-than-expected results. The company achieved an earnings per share of -$0.05, which was better than the anticipated -$0.11. Additionally, Kennedy-Wilson’s revenue reached $135.7 million, surpassing forecasts by nearly 40%. This performance suggests a positive trend for the company in the current fiscal year. Furthermore, Kennedy-Wilson’s wholly owned subsidiary, Kennedy Wilson Europe Real Estate Limited, released interim financial statements for the six-month period ending June 30, 2025. These statements were disclosed in compliance with covenants related to the company’s unsecured bonds. The interim results were made available on the company’s website and through an SEC filing as Exhibit 99.1. These developments highlight Kennedy-Wilson’s ongoing efforts to maintain transparency and meet regulatory requirements.
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