Kennedy Wilson Europe Real Estate Ltd (“KWE”), a wholly-owned subsidiary of Kennedy-Wilson Holding, Inc., has both Sterling and Euro-denominated unsecured bonds trading on the London Stock Exchange.
We maintain prudent hedging policies against interest rates and foreign exchange exposure. A significant proportion of our borrowings are fixed in nature or hedged by way of interest rate caps. Euro assets are hedged through a combination of Euro-denominated borrowings and derivatives.
KWE has an investment grade credit rating of BBB- from Standard and Poor’s. We maintain a conservative financial profile which targets strong liquidity, a staggered debt maturity and a balanced capital structure of low-cost secured and unsecured borrowings.
| Debt mix December 2020 | ||
| Term to maturity | Average cost of debt | |
| 3.3 years | 3.1% | |
£1,436.0m
debt
debt
| £573.6m | £862.4m | ||
| Secured debt | Unsecured debt | ||
| Term to maturity | 3.1 years | Term to maturity | 3.4 years |
| Total fixed cost | 2.6% | Total fixed cost | 3.5% |
| Total fixed/hedged debt | 73.1% | Fixed debt | 100% |