Kennedy Wilson in £100m share buyback
Stillorgan Shopping Centre owner Kennedy Wilson Real Estate Europe has launched a £100m (€116m) share buyback programme as the company looks to manage its balance sheet more effectively.
The programme involves the immediate launch of on-market purchases of ordinary shares. The buybacks will take place on the London Stock Exchange and any shares bought will be subsequently cancelled.
Kennedy Wilson invests in real estate across Ireland, the UK, Spain, and Italy. The programme comes ahead of the firm’s third quarter trading update.
Kennedy Wilson Europe president Mary Ricks said: “The share buyback programme is part of our ongoing commitment to balance sheet management and capital efficiency, while leaving sufficient liquidity to capitalise on potential future market opportunities.”
Ms Ricks recently announced the company is committed to Ireland and is interested in expanding its portfolio.
It was revealed earlier this month that the company, which has €1bn in assets here, pays no tax in Ireland as it owns its Irish investments through two qualifying alternative investment funds.