Kennedy Wilson spent more than £1.5bn in past 10 months, including Ireland
ONE of the biggest property owners in Ireland has said it invested more than £1.5bn in the last 10 months and increased its dividend.
Kennedy Wilson Europe, the London listed property firm, said its net asset value – a measure of profitability for property firms – came in at 1,022 pence by the end of 2014, an increase of 2.4pc on the previous three months.
KWE is controlled by Kennedy Wilson, a Los Angeles-based investment firm.
It has been one of the biggest buyers of property in Ireland since the crash, and has forked out more than €600m euro here to date including the Shelbourne Hotel.
KWE chief executive Mary Ricks commented: "We are pleased with our progress since the IPO and have put in place the stepping stones to deliver both income growth and long term capital appreciation. The team's ability to execute on £1.5bn of investments in ten months highlights our sourcing capabilities and deep local relationships across the industry and with financial institutions.
"We believe the current European environment will lead to a prolonged period of low interest rates and profitable opportunities in our target markets where active asset management will generate attractive total returns. Our pan-European remit across multiple sectors means that we can leverage our platform across property cycles in different geographies as the path to recovery remains uneven across Europe,” she added.
Shares rose 0.2pc in London.