: Kennedy-Wilson lines up Fairfax Financial as co-buyer of PacWest loan portfolio

Kennedy-Wilson Holdings Inc. KW said it inked an agreement to include Canada’s Fairfax Financial Holdings Ltd. CA:FFH in a previously-announced purchase of a portfolio of real estate construction loans from PacWest Bancorp PACW. The two firms will purchase 63 of the initial loans for about $2.1 billion for loans with roughly $2.3 billion in aggregate principal currently outstanding. Kennedy-Wilson said it’s currently working on finalizing arrangements with PacWest for “certain PacWest employees” that originated and currently manage the loans to join the company as employees during the second and third quarters of 2023. Kennedy-Wilson did not say how many PacWest employees would be included in the move. PacWest stock is up 0.1% in premarket trades, while Kennedy-Wilson stock is down fractionally.

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