Kennedy Wilson Aware of both Risks and Opportunities in Irish Market Due to Brexit
Kennedy Wilson has stated it is aware of both the risks and opportunities that may occur in the investment and occupier markets, due to Brexit.
The company said it will “actively monitor” the risk of investment and market volatility in its European markets, which includes Ireland.
Kennedy Wilson recently appointed John Sisk and Son to build a 660,000 sq ft mixed-use development at Capital Dock in Dublin.
In July the company achieved practical completion at Baggot Plaza and has since handed over the building to Bank of Ireland for its tenant fit-out.
Over the first six months of the year the company continued developments at Central Park in Dublin 18, in Stillorgan, the Chase in Dublin 18, Schoolhouse Lane in Dublin 2, and at the Portmarknock Hotel.
Net operating income across its European operations increased by 35pc to £78.7m with net operating profit reducing by 48pc to £78.7m, due to lower property revaluations.
Adjusted earnings per share was 26.8p with dividend per share paid standing at 24p for the opening half of the year.
Net debt at its European arm increased by 15pc to £1.28bn.
Kennedy Wilson Europe chief executive Mary Ricks said the company remains neutral between acquisitions and disposals with £609m of liquidity at the end of June.
“It is too early to be able to assess the level of market dislocation that will arise as the broader market is well capitalised. Our team remains disciplined in assessing opportunities and we will allocate capital where we believe we can achieve the best risk-adjusted returns.
“With 42pc of our portfolio based in Ireland, Spain and Italy, our asset base and income stream is diversified both geographically and by sector to provide additional security. Our UK portfolio remains robust and continues to deliver strong asset management momentum with 12 leases completed after 23 June delivering additional income of £900,000 and 6.1pc ahead of valuers’ ERVs, with more to come,” Ms Ricks said.
Kennedy Wilson is a worldwide real estate investment company. The company was founded in 1977, and has approximately 500 employees in 25 offices throughout the United States, United Kingdom, Ireland, Spain and Japan.
