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Q1-15 Business Update

INCREASED QUARTERLY DIVIDEND BY 14% TO 8.0 PENCE PER SHARE DRIVEN BY CONTINUED ASSET MANAGEMENT PROGRESS. Kennedy Wilson Europe Real Estate Plc (LSE: KWE), an LSE listed property company that invests in direct real estate and real estate loans in Europe, today announces its Q1 Business Update for the period from 1 January 2015 to 31 March 2015 (the “Period”).


  • Quarterly interim dividend of 8.0 pence per share, or 32.0 pence per share
    annualised, a 14% increase over the previous quarter; representing a coverage
    ratio of 1.5x
  • £564.9 million of acquisitions completed in the Period, reflecting a blended
    yield on cost of 7.1% and an acquisition capital value of c. £160 psf
  • Total portfolio value1 of £2,020.2 million across 259 properties and
    four loan portfolios
  • Group net debt of £586.3 million with a weighted average interest rate of 2.6%,
    a weighted average term to maturity of 5.0 years and an LTV of 29.2%
  • Property portfolio occupancy of 94.8% with WAULT of 8.2 years (9.5 to expiry)
  • Intense pace of asset management activity continued in the Period with deals in solicitors’
    hands expected to materially contribute to annualised NOI once complete

1. Portfolio value is based on valuation by external valuers CBRE (for direct property portfolio) and Duff & Phelps (for loan portfolio) at 31-Dec-14 adjusted for acquisitions and disposals in the quarter; the investment portfolio is revalued on a semi-annual basis, at 30 June and 31 December each year, by third party external valuers appointed by the Group

Charlotte Valeur, Chair of Kennedy Wilson Europe Real Estate Plc, commented:  “The Board remains confident about the existing portfolio’s reversionary potential in terms of both value and rental growth.  This, and the strong underlying cash flow generation of the portfolio has allowed us to further increase the interim quarterly dividend by 14% over the previous quarter to 8.0 pence per share.”

Mary Ricks, President and CEO of Kennedy Wilson Europe, added: “We have had a positive start to 2015 both on the asset management front and in terms of our investment pipeline. Our developments and leasing initiatives are advancing and we have completed £565 million of acquisitions in the quarter with a further £69 million announced on Tuesday with the purchase of the Pioneer Point NPL. We continue to make good progress on a robust pipeline of acquisition opportunities across our preferred geographies.”


Kennedy Wilson
151 S. El Camino Dr.
Beverly Hills, CA 90212

Phone: +1 (310) 887-6400
Fax: +1 (310) 887-3410