Kennedy Wilson Europe has raised its payout to shareholders, encouraged by a strong recovery in the UK regions and Dublin’s office market.
The company secured a string of new leasing deals across its £2bn portfolio early last year, prompting it to increase its quarterly interim dividend by 14% to 8p per share.
Kennedy Wilson Europe completed £564.9m of acquisitions in the first three months of the year at a blended yield of 7.1%. Its portfolio now comprises 259 properties and four loan portfolios, financed by £586.3m of debt, reflecting an LTV of 29.2%.
The portfolio is 94.8% let with an average 8.2 years to lease breaks.
Kennedy Wilson Europe Real Estate chair Charlotte Valeur said: “The board remains confident about the existing portfolio’s reversionary potential in terms of both value and rental growth.
“This and the strong underlying cash flow generation of the portfolio have allowed us to further increase the interim quarterly dividend by 14% over the previous quarter to 8p per share.”
