Kennedy Wilson Europe has posted a 15% rise in its net asset value for the year to the end of December 2015.
The company increased its NAV form £1.4bn to just under £1.6bn during the 12 months and also increased the value of its portfolio by £212m, or 266%.
In total, KWE’s portfolio was valued at £2.8bn, from which it took nearly £161m in annualised income from the 302 properties.
Asset management activity added £7.1m in income from leasing activity during 2015 at an average of 7.7% higher than valuers’ estimates.
The non-core disposal programme launched last summer is on track to realise a 23.1% return on cost. To date the programme has disposed of £262m of assets of which £124m was conducted in 2015. The company is looking to make around £300m of further disposals in the coming months.
Debt levels remained consistent at £551.5m, of which 41% was in unsecured debt.
Kennedy Wilson expects to pay a dividend of 12p per share.
