Kennedy Wilson Europe has published its first set of accounts covering the period from its launch until the end of December 2014. They raised £1,315m of equity during the period. The EPRA NAV at the end of the period was £1,382m or £10.27 per share. They had properties in the portfolio valued at £1,489m and debt of £104m ( a loan to value ratio of just 7%). EPRA earnings per share were 25.9p. they paid two quarterly dividends totalling 6p during the period and intend to pay a further 7p in March.
The property is throwing off a yield (on cost) of 6.6%. excluding their hotels, the occupancy is 89.6%. The weighted average unexpired lease term across the portfolio (excluding hotels and residential) is 9.5 years.
KWE : Kennedy Wilson Europe spends £1.5bn in ten months