For filings with the FCA include the annex
For filings with issuer exclude the annex

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESⁱ

1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached: ⁱⁱ		Kennedy Wilson Europe Real Estate Plc
2 Reason for the notification (please tick the appropriate box or boxes):
An acquisition or disposal of voting rights			Yes
An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached			No
An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments			No
An event changing the breakdown of voting rights			No
Other (please specify):
3. Full name of person(s) subject to the notification obligation: ⁱⁱⁱ	Värde Partners, Inc., as the ultimate controlling entity of the shareholders which acquired the shares to which voting rights are attached - see 4 below.
4. Full name of shareholder(s) (if different from 3.):^iv	The Värde Fund X (Master), L.P.; The Värde Fund XI (Master), L.P.; The Värde Fund VI-A, L.P.; Värde Investment Partners, L.P.; Värde Investment Partners (Offshore) Master, L.P.; Värde Credit Partners Master, L.P.; and The Värde Skyway Master Fund, L.P.
5. Date of the transaction and date on which the threshold is crossed or reached: ^v	11 May 2017
6. Date on which issuer notified:	16 May 2017
7. Threshold(s) that is/are crossed or reached: ^{vi, vii}	5 per cent.

8. Notified details:

A: Voting rights attached to shares ^{viii, ix}

Class/type of
shares

if possible using
the ISIN CODE

Situation previous
to the triggering
transaction

Resulting situation after the triggering transaction

Number
of
Shares

Number
of
Voting
Rights

Number
of shares

Number of voting
rights

% of voting rights ^x

Direct

Direct ^xi

Indirect ^xii

Direct

Indirect

Ordinary Shares
JE00BJT32513

6,178,552

6,463,557

5.12%

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financial
instrument

Expiration
date ^xiii

Exercise/
Conversion Period ^xiv

Number of voting
rights that may be
acquired if the
instrument is
exercised/ converted.

% of voting
rights

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments ^{xv, xvi}

Resulting situation after the triggering transaction

Type of financial
instrument

Exercise price

Expiration date ^xvii

Exercise/
Conversion period ^xviii

Number of voting rights instrument refers to

% of voting rights ^{xix, xx}

Nominal

Delta

Total (A+B+C)

Number of voting rights

Percentage of voting rights

6,463,557

5.12%

9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable: ^xxi
The acquisition of shares to which voting rights are attached was undertaken by: The Värde Fund X (Master), L.P. - 840,000 shares; The Värde Fund XI (Master), L.P. - 2,450,000 shares; The Värde Fund VI-A, L.P. - 210,000 shares; Värde Investment Partners, L.P. - 878,659 shares; Värde Investment Partners (Offshore) Master, L.P. - 553,851 shares; Värde Credit Partners Master, L.P. - 966,498 shares; and The Värde Skyway Master Fund, L.P. - 564,549 shares, each of which is an undertaking which is ultimately controlled by Värde Partners, Inc.

Proxy Voting:
10. Name of the proxy holder:
11. Number of voting rights proxy holder will cease to hold:
12. Date on which proxy holder will cease to hold voting rights:

13. Additional information:
14. Contact name:	Bruce Hendry
15. Contact telephone number:	020 7078 0091