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

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."

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