Kennedy Wilson Europe buys exposure to 99 assets in four months

KWE : Kennedy Wilson Europe buys exposure to 99 assets in four months – and keeps going

Kennedy Wilson Europe has published its first set of figures since listing late in February 2014 (the second largest real estate IPO on the LSE ever). They show that by the end of June 2014 it had spent just over £1bn on a portfolio of 74 assets and two loans secured against 25 assets -offices, retail, industrial and residential property in Ireland and the UK.

The net asset value at the end of June was 991.4p (the shares were issued at £10). The portfolio was financed with equity and £202.9m of non-recourse debt. The loan to value ratio was 17.3% at end June and has now risen to 25%. KWE is paying its first interim dividend of 2p per share at the end of August (dividends will be paid quarterly from now on).

The 5.9m sq ft of directly owned property was throwing off rental income of £67.5m per annum (a yield of 7.7%) and occupancy at end June was 89%.

Since the end of June Kennedy Wilson Europe has spent a further £118.4m on Irish property and today (7 August) it has announced that it has refinanced £127m of its debt.