Press Release: Kennedy-Wilson International
February 13, 2001
LOS ANGELES, CA -- Kennedy-Wilson International, a subsidiary of Kennedy-Wilson, Inc. (Nasdaq: KWIC), the global
real estate services and fund management firm, announced yesterday that the Kehalani Development Site located at
the foothills of the West Maui Mountains in Wailuku, Maui, Hawaii is available for sale. Sealed bids for the sale
are due on March 14, 2001 at 5:00 PM (PST). Kennedy-Wilson, International (KWI) is representing the seller Hawaii
Land & Farming Company, Inc. According to KWI's Managing Director Mary Ricks, ``Kehalani is one of only two
existing master-planned developments in Maui. It is a fully entitled and approved 470+/- acre residential/commercial
development opportunity. The site will allow for the construction of 2,048 single-family homes, multi-family residences
as well as a commercial center, school and park.''
Stanford Carr of Hawaii Land & Farming Company, Inc. states that ``one of our firm's goals is to focus on strategic
assets and the optimum timing for the disposition of those assets. Our ownership strategy is opportunistic and
fluid allowing us to move into other areas of development in a tight market. The timing of the disposition of Kehalani
is optimum.'' Maui is currently experiencing a very tight and explosive housing market. The island's strong economy
as evidenced by rising job growth, population base, per capita income as well as a lack of housing supply are fueling
an increase in median home and condominium resale prices by as much as 31% and 20% respectively over the last 12
months. The timing for residential and commercial development is ideal.
Kehalani is located in Wailuku, Maui's commercial and civic center. Just a few minutes drive to numerous businesses,
shopping centers, restaurants, schools and the Kahului International Airport, Kehalani fronts the Honoapiilani
Highway. The highway is the major thoroughfare connecting Wailuku, Kahului to the resort towns of West Maui (Kapalua
and Lahaina) and South Maui (Wailea and Makena). Visibility and accessibility are excellent.
Situated at the foothills of the West Maui Mountains overlooking the twin cities of Wailuku and Kahului as well
as Kahului Bay to the north, the Kehalani development site has a panoramic view of the Pacific Ocean. Kehalani
also has breathtaking views of Mount Haleakala and Upcountry Maui to the East and Maalaea Bay, Kihei and Wailea
to the south.
Founded in 1997, Kennedy-Wilson International is a global real estate investment, services and fund management
firm headquartered in Los Angeles with 15 offices throughout the United States and 6 offices in Asia. The company
offers a comprehensive array of real estate services including brokerage, asset management, property management,
development, investment sales and acquisitions. Kennedy-Wilson currently manages more than 75 million square feet
of real estate including office, industrial, retail and multifamily properties. The firm sources and places debt
and equity for the acquisition of real estate through its investment and fund management divisions. Kennedy-Wilson
International is a strategic investor and manager of value-added and core portfolio investments, both in partnership
with institutional investors and in wholly owned projects in the United States and Japan. Kennedy-Wilson International
is the largest American-owned, real estate investment company in Japan, employing approximately 110 Japanese nationals
in the firm's Asian headquarters' office in Tokyo.
This release may contain forward-looking statements as well as historical information. Statements of goals and
strategies and words such as ``plan'', ``believe'', `` anticipate'', ``expect'', ``objectives'', ``forecast'' and
``predict'', and other similar words are intended to identify forward-looking statements. These forward-looking
statements, which are included in accordance with the ``safe harbor'' provisions of the Private Securities Litigation
Reform Act of 1995, involve risks, uncertainties and other factors that may cause the company's actual results,
performance or financial condition to be materially different from any results, performance or financial condition
suggested by the statements in this release.
SOURCE: Kennedy-Wilson International