Kennedy Wilson Europe Real Estate Plc (the "Company") is a closed-ended collective investment fund incorporated as a company limited by shares in Jersey on 23 December 2013 with an unlimited life and established in Jersey as a "Listed Fund" pursuant to the Collective Investment Funds (Jersey) Law 1988, as amended and the Jersey Listed Fund Guide published by the Jersey Financial Services Commission (the "JFSC"), as amended from time to time. The Company is regulated by the JFSC.

The Company will invest primarily in real estate and real estate loans in Europe, initially in the UK, Ireland and Spain, and thereafter pursuing investments in these jurisdictions as well as other European countries on an opportunistic basis. The Company’s primary objectives are to generate and grow long-term cash flows to pay dividends and to enhance capital values by way of focussed asset management and strategic acquisitions, with the intention of creating value for Shareholders.

The Company will, pursuant to an investment management agreement, be externally managed by its investment manager, KW Investment Management Ltd (the "Investment Manager"), which is incorporated as a company limited by shares in Jersey and is wholly-owned and controlled by members of the Kennedy Wilson Group. The Investment Manager is authorised and regulated by the JFSC under the Financial Services (Jersey) Law 1998, as amended, as an investment manager.


http://www.kennedywilsoneuropeplc.com/phoenix.zhtml?c=252755&p=irol-homeprofile

Spanish supermarket portfolio acquired

1 Sep JP Morgan... 1,425.00 Overweight

KWE ACQUIRES EUR185.5M ITALIAN OFFICE PORTFOLIO
RNS
RNS Number : 6398D
Kennedy Wilson Europe Real Estate
28 October 2015

28 October 2015

KENNEDY WILSON EUROPE REAL ESTATE PLC

("KWE", the "Company")



KWE MAKES FIRST ITALIAN INVESTMENT WITH €185.5 MILLION PURCHASE OF

NINE OFFICES LET TO THE ITALIAN GOVERNMENT



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, has conditionally acquired a portfolio of nine offices in Italy fully let to the Italian government. The portfolio is being acquired from InvestiRE SGR, as the management company of the closed-end mutual property investment fund known as Fondo Immobili Pubblici ("FIP"). The portfolio net purchase price is €185.5 million, reflecting a yield on cost of 6.3%.

The portfolio comprises nine high quality office buildings 100% occupied by Italian government ministries (see Table 1), across 1.1 million sq ft (99,200 sq m) of lettable space, generating a day one NOI of €12.1 million, subject to annual indexation of 75% of CPI. The majority of the offices have been comprehensively refurbished with 50% of NOI being generated from properties refurbished from 2014. The unexpired lease term is 7.1 years with all the existing leases expiring simultaneously in December 2022.

At Via Valtellina, Milan, the local council approved a resolution to grant planning consent in September, to take effect in 2016, for the redevelopment of the adjoining Farini rail exchange, including the KWE's Via Valtellina property. This will see significant regeneration of the area and development of new offices, residential property and parks over an area comprising c. 5 million sq ft.

Mary Ricks, President and CEO of Kennedy Wilson Europe, commented:

"This is KWE's first investment in Italy, having kept a close eye on the market since IPO. This is an exceptional portfolio backed by strong covenants to the Italian government with long unexpired lease terms relative to local leases. The portfolio includes institutional quality assets with significant reversionary potential, redevelopment angles and good liquidity of smaller assets with good income returns and a sticky government tenant.

"With a major redevelopment in Milan, two institutional properties with material reversion in Rome and Florence, and the majority of the remaining smaller lot sizes deemed strategic by the Italian government, KWE's entry basis of €174 psf (€1,870 psm) is favourable to historic market capital values (see Table 2). We expect to grow both income and capital values as we implement our value-enhancing asset management programme."

The portfolio will be held by a closed-end real estate alternative investment fund named Olimpia Investment Fund, wholly-owned by KWE and managed by Savills Investment Management SGR. The conditional acquisition by the Olimpia Investment Fund is expected to close on or around 30 December 2015 and will be funded from the Company's cash resources.

CBRE advised on the transaction.

StockMarketWire.com
Kennedy Wilson Europe Real Estate posts net profits after tax of GBP259.0m for the year to the end of December - 230% up on 2014.

Adjusted net asset value per share rose by 14.6% to 1,174.5 pence and the group reports a 20% increase in interim quarterly dividend to 12.0 pence per share or 48.0 pence per share annualised, representing a 37% increase in prospective annualised dividend compared with 35.0 pence per share, or GBP47.5 million of dividends paid over the year.

Operational highlights include:
- Portfolio valued at GBP2,792.7 million, generating annualised NOI of GBP160.6 million, across 302 properties

- Acquisitions of £1,135.5 million, across 217 properties and two loan portfolios, delivering a yield on cost of 7.1%

- Like-for-like portfolio valuation surplus +11.5% (£157.1 million), with like-for-like NOI growth +4.1%

- Continued asset management momentum having contracted £7.6 million of annualised NOI over the year, across 233 leasing transactions and 1.3 million sq ft, beating valuers' ERVs by 7.7%

- Secure income supported by 96.0% occupancy (+5.1 percentage points), and WAULT of 7.3 years (9.2 to expiry)

- Took title to two office buildings in Dublin, one retail park in Cavan and one residential block in London, converting loans to direct real estate worth £139.9 million

- £300 million disposal programme on track with £124.4 million of sales completed across 35 properties at an average exit yield of 5.7% generating a return on cost of 22.9%

Chairman Charlotte Valeur said: "The 2015 financial results illustrate material progress across all parts of the business. I am pleased to report that both operational and financial results are ahead of business plans and as a result we have grown the quarterly interim dividend a further 20% over the previous quarter. The prospective dividend of 12.0 pence per share, or 48.0 pence per share on an annualised basis, reflects the Board's confidence in the team's ability to deliver income growth across the existing portfolio as well as secure cash flows from our accretive investments."

Cheers for keeping some of these threads updated Harry.

No prob dc. I tend to keep the ones that interest me up to date, so that it is easy to research the history. So many to watch that some just get forgotten in the end.

Recommended all share offer

KWE DELIVERS 270,000 SQ FT OF LEASE TRANSACTIONS
RNS
RNS Number : 6238D
Kennedy Wilson Europe Real Estate
28 April 2017
 
28 April 2017
KENNEDY WILSON EUROPE REAL ESTATE PLC
("KWE", the "Company")
 
KWE DELIVERS 270,000 SQ FT OF LEASE TRANSACTIONS AT RENTS
17% AHEAD OF PREVIOUS PASSING
 
Kennedy Wilson Europe Real Estate Plc (LSE: KWE) an LSE listed property company that invests in real estate across the UK, Ireland, Spain and Italy, announces strong leasing momentum across key investments, completing significant rent reviews at 111 Buckingham Palace Road, London, SW1 and new leases across Leavesden Park, Watford and Stillorgan Shopping Centre, Dublin 18 in Ireland, covering c. 270,000 sq ft and delivering an uplift of 17% ahead of previous passing rents and 3% ahead of valuers' ERVs.
At 111 Buckingham Palace Road, London, SW1 (224,100 sq ft office)
Following the successful transformation of the reception and Sky Lobby, completed in November 2016, where we undertook a comprehensive refurbishment and extension, we delivered strong rental growth of 20% over previous passing, concluding two outstanding rent reviews and a new letting.
Rent reviews were concluded with the Telegraph Media Group (125,100 sq ft over the first and second floors) and Regus (31,000 sq ft on third floor) at attractive levels, achieving business plan ERVs and rents well in excess of previous passing. In addition, 6,400 sq ft was let to international software company, Metalogix, for a new five-year lease, materially improving the rent.
At Leavesden Park, Watford (SEO portfolio, 196,300 sq ft office)
We have successfully completed a simultaneous surrender with BT and agreement for lease with global online fashion retailer, ASOS, for a new 10-year lease over 74,000 sq ft, at 7% ahead of previous passing rent, making this one of the largest lettings of the year in the South East office market.
At Stillorgan Shopping Centre, Co. Dublin (Opera portfolio, 142,300 sq ft retail)
An agreement for lease was signed with Tesco for a new 25-year lease (15 years term-certain) for an enlarged store which will enable them to consolidate from three to two locations within the centre. Work commenced on the new 11,000 sq ft extension in March 2017, with practical completion expected by the end of the year. We are excited about the opportunity to unlock new asset management opportunities from the surrendered space to further improve the tenant mix and increase the rent roll.
Mary Ricks, President and CEO of Kennedy Wilson Europe, commented:
"The positive leasing momentum delivered in 2016 across the UK and Ireland has continued in 2017 as the portfolio continues to offer attractive space at good value for occupiers. We are particularly pleased that at our largest asset, Buckingham Palace Road, the dramatic transformation of the reception and Sky Lobby in Q4-16 has led to significant NOI improvement across our largest rent review and to new leasing opportunities, all at pre-referendum levels, owing to the high quality and prime location of this asset. Buckingham Palace Road continues to demonstrate untapped potential and we are excited to capitalise on further asset management opportunities in the near-to-medium term."
-Ends-

Dividend

QI business update

Ex divi 11 May 12p payment 26 May