5th Nov 2015 08:43
LONDON (Alliance News) - Kennedy Wilson Europe Real Estate PLC on Thursday said it had a strong third quarter, increasing its net income, and said it has snapped up four office properties in Dublin.
The FTSE 250-listed real estate investor said it saw strong trading in the third quarter, with its asset management business contracting GBP2.0 million in incremental annual net operating income, completing 74 leasing transactions covering 586,700 square foot.
The group's property portfolio value at the end of September was GBP2.53 billion and its occupancy rate was at 96.4%. It completed GBP289.0 million in acquisitions in the quarter.
Kennedy Wilson said it will pay a third quarter dividend of 10.0 pence per share, in line with its previous quarterly dividends and leaving it on track to pay out 40.0 pence in total for 2015.
"The business continues to make material progress securing robust cash flows to underpin the dividend and drive capital growth," said Charlotte Valeur, Kennedy Wilson's chairman.
The company also said it has acquired four offices in Dublin for EUR24.9 million, acquired from Ireland's NAMA and from an unnamed bank. The portfolio comprises 72,200 square feet of space and is 86% occupied with an initial yield of 5.7%. Two of the offices are in Dublin's South Docks on Sir John Rogersons Quay, fronting the River Liffey, while the two others are in South Dublin suburbs.
"This portfolio is well located, increasing our footprint in both South Docks and the attractive South Dublin suburbs, where we see increased supply demand pricing tension," said Peter Collins, chief operating officer and head of Ireland for the company.
By Sam Unsted; [email protected]; @SamUAtAlliance
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