Kennedy Wilson Europe Real Estate has reported a 13.1% uplift in passing rent in the first half of the year, with adjusted earnings up 14.9% per share.
The company, which is in the middle of a merger with US parent company Kennedy Wilson Holdings, completed 76 commercial lease transactions in the six months, outperforming estimated rental values by 5.2%.
It posted a 2.1% increase in adjusted NAV per share to 1,241p per share, in part from the strength of its portfolio in Ireland.
The value of KWE’s UK investment and development property fell by £5.7m in the past six months, while its Irish portfolio value grew by £16.5m.
KWE continued its non-core disposal programme, delivering £57.6m of sales across 15 properties, achieving a premium to book value of 6.1%.
Charlotte Valeur, chairman of Kennedy Wilson Europe Real Estate, said: “KWE has delivered another strong set of results over the past six months, having carefully navigated the market with solid leasing progress and capitalised on opportunistic disposals. The performance is once again underpinned by smart asset management to generate stable cash flows.”
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