LONDON (Alliance News) - Kennedy Wilson Europe Real Estate PLC Thursday said it has made "excellent progress" since its initial public offering in December, as it reported pretax profit of GBP24.7 million for the six months ended June 30.
FTSE 250-listed Kennedy Wilson, which manages property assets across the UK and Ireland, said its net asset value at the period-end stood at GBP992.5 million, while its net asset value per share stood at 991.4 pence. Earnings per share totalled 37.6 pence.
At an operating level the company deployed over GBP1 billion of its initial public offering proceeds in eight acquisitions, consisting of 74 direct real-estate assets and two loan portfolios secured by 25 properties across the UK and Ireland.
By value, 62% of the portfolio is in the UK, with the remaining 38% in Ireland. By asset class, 59% of the portfolio is in office, 22% in retail, 10% in industrial and 9% in multifamily.
Overall, the real estate portfolio generates GBP67.5 million in gross rental income a year. It is currently 89% occupied.
The loan portfolio is worth GBP135 million, generating GBP7.9 million gross income a year. Kennedy Wilson said 84% of the loan portfolio is secured by long-term UK government leases.
Looking ahead, the company said the market continues to show steady improvement, with a number of UK and Irish institutions looking to accelerate their de-leveraging programmes against the backdrop of improved market conditions and enhanced investor confidence.
"We believe there are significant opportunities in Spain and Italy as international banks are still yet to embark on meaningful deleveraging programmes," Chief Executive William McMorrow said in a statement. "We have identified a robust pipeline of assets in our target jurisdictions in Europe that are at different stages of evaluation, and we are actively exploring these opportunities."
Kennedy Wilson shares were quoted up 1.8% at 1,071.00 pence Thursday morning.