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Interim Results

KWE adjusted NAV up 5.1%

05 August 2016 09:45

Kennedy Wilson Europe Real Estate reports a strong first half with adjusted net asset value per share up 5.1% at 1,233.8 pence.

Adjusted earnings per share for the six months to the end of June were 26.8 pence per share (£36.2 million) and basic earnings per share were 57.9 pence per share (£78.7 million). The board has declared a quarterly interim dividend of 12.0 pence per share and says it is= on target to meet the 2016 annualised dividend of 48.0 pence per share announced at year-end.

Chairman Charlotte Valeur said: "These strong half-year results demonstrate the team's ongoing ability to deliver robust underlying profits from a secure and diverse £3.1 billion portfolio. As such, the Board is pleased to announce a further 12.0 pence per share dividend to be paid in Q3-16, on track to deliver 48.0 pence per share annualised target for 2016, a 37% increase over 2015, and reflecting an attractive dividend yield of 4.9%. Following the result of the EU referendum, the Board takes comfort in the strong financial position of the business with significant cash liquidity and low levels of capital commitments supported by robust operating metrics."

At 9:45am: (LON:KWE) Kennedy Wilson Europe Real Estate Plc share price was +1.5p at 988.5p

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