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

Shares highlights - Real estate investor Kennedy Wilson Europe is preparing to embark on a £1.3 billion shopping spree across the continent which looks set to reward investors. In the eight months since it listed (28 Feb), the investor has spent £1.1 billion buying properties in the UK and Ireland, which account for 64% and 36% of its portfolio. However the company could buy properties in Italy and Spain as it hopes to benefit from expected de-leveraging as struggling companies seek to raise cash. Property consultant Cushman & Wakefield estimates there is a pipeline of 38.5 billion Euros worth of such transactions across the continent.
Davy's analysts forecast that the company will pay 8.4p a share dividend this year, leaping to 39.1p a share in 2015.

ACQUISITION OF ?503.0 MILLION UK PORTFOLIO

RNS


RNS Number : 4104A

Kennedy Wilson Europe Real Estate

22 December 2014




22 December 2014

KENNEDY WILSON EUROPE REAL ESTATE PLC

("KWE", the "Company" or the "Group")



ACQUISITION OF £503.0 MILLION UK MIXED USE PORTFOLIO FROM RECEIVERS
ON BEHALF OF AVIVA



Kennedy Wilson Europe Real Estate Plc, a LSE listed property company (LSE: KWE) that invests in direct real estate and real estate loans in Europe, announces that it has exchanged on a portfolio of 180 mixed use properties located across the UK from multiple receivers on behalf of Aviva Commercial Real Estate Finance ("Aviva") for a purchase price of £503.0 million, reflecting a net initial yield of 6.9% (gross yield 7.2%).

The acquisition is expected to complete at the end of January and will be funded from the Company's cash resources and a new £352.3 million secured loan facility with Aviva.

Portfolio acquisition:

The c. 3.5 million sq ft portfolio is 98% occupied with a WAULT of 9.6 years (11.1 years to expiry) and generates total net rental income of £36.1 million. Its geographic concentration is predominately England, 54% weighted towards London and the South East with 5% of value weighted towards Scotland and Wales. The primary sector use is retail, food and convenience, comprising 62% of the value of the portfolio followed by leisure at 14%, industrial at 12%, and office and hotels at 6%, respectively.

The portfolio includes strong institutional grade properties with the top ten assets representing 31% of the purchase price and a combined value of £153.5 million. These include the likes of the Travelodge hotel in King's Cross, London, the Waitrose Superstore in Saltash, Cornwall and the Asda Superstore in Hemel Hempstead.

The top ten tenants represent 32% of total net rental income with a WAULT of 12.6 years (14.9 years to expiry). These include robust covenants such as Wincanton, Debenhams, Travelodge, Waitrose and Matalan.

Upon completion of the acquisition, the KWE investment portfolio will have a value of £1,948.5 million1, with net rental income of £130.1 million, generating a net initial yield of 6.5% (gross yield 6.7%). The portfolio geographic split will be 72% UK and 28% Ireland with an asset mix of 89% direct real estate and 11% loans. The main sector splits will be 40% office, 27% retail and 8% industrial.

1. Calculated as value of investment properties and loans secured by real estate, excluding developments; based on valuation by external valuers, CBRE, as at 31 August 2014 and net purchase price of acquisitions made after this date.

Acquisition financing:

Simultaneous with the acquisition, a senior debt facility has been agreed for £352.3 million, reflecting an LTV on the portfolio of 70%. The loan has been split into three-year floating-rate (33%), five-year fixed-rate (20%) and eight-year fixed-rate (47%) tranches at a weighted average margin of 206 bps across. The facility provides KWE the flexibility to substitute properties over the life of the loans, based on the acquisition purchase price.

Upon completion of the acquisition, the Group will have approximately £1,143.9 million of total debt financing of which £910.4 million will be fully drawn. The weighted average cost of debt will reduce to 2.8%, the term to maturity will increase to 5.4 years and the Group LTV will increase to 32.6%2.

2. LTV calculated as net debt over investment value (value of investment properties and loans secured by real estate)

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

"This significant portfolio acquisition allows us to access a high quality mixed use portfolio with strong tenant covenants generating robust income streams at a material discount to the original loan amounts. The portfolio benefits from a number of institutional quality investments with good individual asset liquidity across the remaining portfolio. There are significant asset management angles, including growing income through lease re-gears, renewals, rent reviews and the leasing up of vacant space.

"We are pleased to have vendor finance provided on such a material transaction and to be adding Aviva to KWE's portfolio of lenders. This has enabled us to reduce the Group's borrowing costs and extend the term to maturity."

Ewan Tocher, Managing Director, Aviva UK Life Commercial Mortgage Restructuring, commented:

"The sale of this portfolio was central to concluding our property restructuring strategy for 2014 and we are very pleased that the high quality nature of the assets and income streams were attractive to KWE as an investor. The sale has allowed Barry Fowler's team in Aviva Commercial Finance to establish a new relationship with KWE through the provision of a new long term debt facility. With gilt yields at all time lows, we can offer attractive and competitive all-in financing costs for quality portfolios owned by experienced operators and we are keen to develop this relationship further."

CBRE advised KWE and JLL advised Aviva.

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Kennedy Wilson Europe: Deutsche Bank increases target price from 1000p to 1240p and upgrades from 'hold' to 'buy'

Completion of Acquisition
RNS
RNS Number : 6815D
Kennedy Wilson Europe Real Estate
02 February 2015



2 February 2015

KENNEDY WILSON EUROPE REAL ESTATE PLC

("KWE", the "Company" or the "Group")



COMPLETION1 ON PURCHASE OF £503.0 MILLION UK MIXED USE PORTFOLIO FROM RECEIVERS
ON BEHALF OF AVIVA



Further to the announcement on 22 December 2014, Kennedy Wilson Europe Real Estate Plc, an LSE listed property company (LSE: KWE) that invests in direct real estate and real estate loans in Europe, is pleased to announce the completion1 of its acquisition of the £503.0 million Aviva portfolio of 180 mixed use properties located across the UK, along with associated vendor financing from Aviva Commercial Real Estate Finance ("Aviva").

The acquisition is being funded from the Company's cash resources and a new £352.3 million secured loan facility with Aviva. The purchase price reflects a net initial yield of 6.9% (gross yield 7.2%).

The portfolio delivers c. 3.5 million sq ft of space, is 98% occupied with a WAULT of 9.6 years (11.1 years to expiry) and generates total net rental income of £36.1 million. The portfolio is predominately located in England, with 54% (by value) weighted towards London and the South East and 5% weighted towards Scotland and Wales. The primary sector use (by value) is retail, food and convenience, comprising 62% of the portfolio with leisure, industrial, office and hotels making up the balance.

Simultaneous with the acquisition, a senior debt facility has been agreed for £352.3 million, reflecting an LTV on the portfolio of 70%. The loan has been split into three-year floating-rate (33%), five-year fixed-rate (20%) and eight-year fixed-rate (47%) tranches with a current weighted average margin of 207bps and all-in cost of 296bps. The facility provides KWE the flexibility to substitute properties over the life of the loans.

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

"The completion of this significant acquisition along with attractive and flexible vendor financing materially increases KWE's stabilised cash flow, reduces the Group's borrowing costs and extends the term to maturity. With a large number of asset management angles across the portfolio we look forward to employing our extensive real estate expertise to grow income and generate future value.

"We continue to make good progress in deploying the capital raised in October from the secondary offering and will provide a complete update in the announcement of our Full Year results scheduled for the end of February."

Including this acquisition, the KWE investment portfolio has grown to £1,948.5 million2, generating net rental income of £130.1 million, and a net initial yield of 6.5% (gross yield 6.7%). The portfolio geographic split is 72% UK and 28% Ireland with an asset mix of 89% direct real estate and 11% loans. The main sector splits are 40% office, 27% retail and 8% industrial.

The Group has approximately £1,143.9 million of total debt financing of which £910.4 million is fully drawn. The weighted average cost of debt is 2.8%, the term to maturity increases to 5.4 years and the Group LTV increases to 32.6%3.

1. Completion of 163 properties with a value of £443.6 million and delayed conditional completion of 17 properties with a value of £59.4 million.

2. Calculated as value of investment properties and loans secured by real estate, excluding developments; based on valuation by external valuers, CBRE, as at 31 August 2014 and net purchase price of acquisitions made after this date.

3. LTV calculated as net debt over investment value (value of investment properties and loans secured by real estate)

CBRE advised KWE and JLL advised Aviva.

-Ends-

Acquisition
RNS
RNS Number : 6873E
Kennedy Wilson Europe Real Estate
12 February 2015

12 February 2015

KENNEDY WILSON EUROPE REAL ESTATE PLC

("KWE", the "Company" or the "Group")



€45.0 MILLION ACQUISITION OF GARDNER HOUSE THROUGH NON-PERFORMING LOANS



Kennedy Wilson Europe Real Estate Plc, an LSE listed property company (LSE: KWE) that invests in direct real estate and real estate loans in Europe, announces that it has completed the acquisition of Gardner House, Wilton Place, Dublin 2, previously held as two loans secured by a first ranking mortgage. The purchase price for the property (including costs) is €45.0 million, reflecting a net initial yield of 6.7%.

The acquisition of the underlying real estate was transacted through a cashless acquisition of the property following the consensual resolution of the non-performing loan (NPL) investment with the underlying borrower. The loans were acquired by KWE on 19 November 2014 from a financial institution.

The borrower acquired the property in 2006 for €82.1 million and the unpaid principal balance ("UPB") on the underlying loans was €74.8 million.

Gardner House is a 75,600 sq ft office building located on Wilton Place, a prime Dublin office location between Baggot Street and Leeson Street being less than two kilometres from Dublin City Centre. The property is let in its entirety to PWC and was its headquarters prior to PWC's move to One Spencer Dock, Dublin 1. The unexpired lease term is 3.8 years to December 2018.

The property was comprehensively refurbished in 2010 and has been sublet to LinkedIn for the remaining lease term and serves as its European headquarters. It also benefits from an unimplemented planning consent to extend the building by 42,000 sq ft including a new façade.

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

"The off market purchase of the Gardner House loans back in November provided KWE with a high quality income stream while we explored resolutions with the borrower. We are pleased to successfully employ our 'loan-to-own' strategy to access a high quality property in a prime location. Our ability to deliver significant value-enhancing asset management initiatives into a strong Dublin office market makes this a very attractive addition to our Dublin portfolio."

-Ends-

Acquisition
RNS
RNS Number : 2958F
Kennedy Wilson Europe Real Estate
19 February 2015

19 February 2015

KENNEDY WILSON EUROPE REAL ESTATE PLC

("KWE", the "Company" or the "Group")



ACQUISITION OF PARK INN LOAN PORTFOLIO FOR C. £61.5 MILLION



Kennedy Wilson Europe Real Estate Plc, an LSE listed property company (LSE: KWE) that invests in direct real estate and real estate loans in Europe, announces that it has recently completed the acquisition of eight loans secured by first ranking mortgages over eight Park Inn hotels across the UK from two financial institutions. The purchase price for the loans is c. £61.5 million, reflecting a gross yield on cost of 9.3%. The acquisition will be funded from the Company's cash resources.

The borrowers acquired the portfolio of hotels in 2006 and 2007 for £131.5 million and the total claim at completion on 16 February 2015 was £99.8 million.

The portfolio includes seven Park Inn hotels in England (Northampton, Lakeside, Telford, Bedford, Harlow, Birmingham West and Nottingham) and one in Wales (Cardiff) totalling 1,107 rooms. The hotels are leased to Rezidor Hotel Group ("Rezidor") until 2030 (WAULT 15.7 years).

Rezidor is a Nasdaq OMX Stockholm exchange listed hospitality business, majority owned by Carlson. It owns the Park Inn and Radisson hotel brands and the eight Park Inn hotels form part of larger Park Inn portfolio of 19 hotels in the UK and 155 globally.

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

"The purchase of the Park Inn loans is a classic KWE deal that capitalises on the synergies between our real estate debt and property professionals. This transaction gives us further exposure to the fast improving UK hospitality sector and a high quality covenant that we look forward to actively engaging with to identify various resolution strategies and asset management opportunities to enhance the value of our investment."

-Ends-

25 Feb Deutsche Bank 1,240.00 Buy

2014 Results

Operational highlights in the Period:

· £1,314.9 million4 of net equity proceeds raised at IPO and secondary offering

· £1,478.3 million of total acquisitions completed in the Period across 82 properties and five loan portfolios, reflecting a yield on cost5 of 6.6%

· Property portfolio generates annualised NOI of £90.6 million with occupancy6 of 90.9% with WAULT7 of 7.7 years (8.9 years to expiry)

· Strong progress on asset management business plans; 128 leasing transactions undertaken over 532,400 sq ft adding a further £4.5 million to NOI; new lettings accounted for 272,200 sq ft on average lease lengths of 9.1 years (10.0 years to expiry)

· Portfolio value of £1,489.0 million, reflecting a surplus of £57.9 million

Financial highlights in the Period:

· EPRA NAV of £1,382.4 million or 1,021.8 pence per share, an increase of 5.6% over the NAV at IPO in February 2014 of 968.0 pence per share

· A total of 6.0 pence per share, or £7.4 million of dividends was paid during the Period and today we announce an interim quarterly dividend increase of 75% to 7.0 pence per share or 28.0 pence per share annualised

IC - Kennedy Wilson has already built a reputation for picking up property assets at decent prices. The shares , which trade on a 10% discount to forecast book value, look cheap.

Acquisition
RNS
RNS Number : 0931M
Kennedy Wilson Europe Real Estate
05 May 2015

5 May 2015

KENNEDY WILSON EUROPE REAL ESTATE PLC

("KWE", the "Company" or the "Group")



ACQUISITION OF NON-PERFORMING LOAN
SECURED BY 294 UNIT PIONEER POINT, ILFORD (LONDON)



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, announces that it has exchanged on the acquisition of a non-performing loan (NPL) secured against the freehold interest in Pioneer Point, Ilford (London Zone 4) from a financial institution.

The purchase price for the loan is £68.5 million, which compares with an unpaid principal balance (UPB) of c. £149 million and is materially below the replacement cost of the property. The acquisition is expected to complete on or around 18 May 2015 and will be funded from the Company's cash resources.

Pioneer Point is a prominent mixed use development comprising 184,000 sq ft of residential accommodation across 294 units in two unbroken blocks. The North Tower includes 159 residential units over floors 3-32 which are currently operated as serviced apartments, with occupancy at c. 91%, while the South Tower has 135 residential units over floors 3-23, which were left vacant after practical completion. There is a three storey podium that contains 46,300 sq ft of retail space which is 83% let and benefits from a WAULT of c. 14 years.

The scheme reached practical completion in November 2012 and administrators were appointed over the developer in Q1-12.

The property is located within a five-minute walk of Ilford Station which has fast transport links into the City of London (via Liverpool Street) and Canary Wharf (via Stratford). Ilford will also benefit from the delivery of Crossrail in 2019 which will further improve access to Central London.

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

"The acquisition of the Pioneer Point NPL gives KWE its first UK exposure to the private rented sector (PRS) market where there is significant institutional demand and lack of available product. It represents an excellent opportunity to ultimately acquire well located residential accommodation finished to a high specification and with many of the units enjoying uninterrupted views of the City, Canary Wharf and the Olympic Park.

"We aim to access the underlying real estate over the course of 2015 and look forward to implementing our asset management plan to materially improve the NOI across the entire scheme, from £1.5 million currently, over the next 18-24 months to generate an improved and stabilised yield. We will rebrand and re-launch both towers as a professionally managed PRS operation, building on KWE's Irish expertise and the Investment Manager's deep experience in the PRS market with more than 20,000 units under management globally."

-Ends-

Interim management statement

7 May Davy Research N/A Outperform

13 May Davy Research N/A Outperform

acquisition

2015 Half - year results

Operational highlights in the Period:

· Strong operational results with like-for-like portfolio valuation surplus of £104.5 million (+7.6%), like-for-like NOI growth +3.2%

· Solid asset management progress contracting £5.0 million of annualised NOI in the Period, with 105 leasing transactions across 408,100 sq ft

· Portfolio value at £2,218.8 million across 279 properties through acquisitions (£638.6 million across 173 properties and two loan portfolios, yield on cost of 7.1%2) and total valuation surplus of £120.6 million (+5.6%)

· Took title to two office buildings converting loans to direct real estate worth £62.8 million



Financial highlights in the Period:

· +9.1% increase in EPRA NAV per share to 1,114.5 pence (Dec-14: 1,021.8 pence)

· +25% increase in interim quarterly dividend to 10.0 pence per share or 40.0 pence per share annualised going forward; total of 15.0 pence per share, or £20.3 million of dividends paid in the Period

· Successful issue of debut £300.0 million senior unsecured bond in June 2015 and simultaneous rating by Standard and Poors of BBB for both the Company and the bond

6 Aug Davy Research N/A Outperform
6 Aug Goodbody N/A Buy

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."