Kennedy Wilson Europe’s property portfolio was valued at £2.77bn and comprised 287 assets in Q1 2016, the company has announced.
This increased to £2.92bn following the acquisition of two office complexes in Manchester and Dublin after the period ended 31 March 2016.
In the period KWE acquired two Irish office assets: 5 Schoolhouse Lane, Dublin 2, was acquired from Nama for €9.8m (£7.7m) and blocks 3, 4 and 5 of Blackrock Business Park, County Dublin, were acquired from Hudson Advisors for €14.4m.
Post period end, KWE bought Towers Business Park in Manchester from Lone Star for £82m, and the Chase in Sandyford and three office buildings in Blackrock Business Park – both in South Dublin – for €76.9m.
In Q1, the company had a loan-to-value ratio of 38.8%.
KWE aims to complete £300m of disposals by June 2016, with sales of £143.9m completed in the period taking total disposals to £268.5m.
Charlotte Valeur, chair of KWE, said: “KWE remains on track to deliver the significant dividend improvement announced at its full-year results.
“The board is pleased to announce a further 12 pence per share to be paid in Q2-16, moving towards the 48 pence per share annualised target for 2016, a 37% increase over 2015 and reflecting an attractive prospective dividend yield of 4.5%.
“An important milestone was also achieved with credit investors, as KWE recently tapped its 2025 unsecured euro bonds by a further €150m, improving the liquidity of the bonds by increasing the series to a benchmark size.”
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