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Positive leasing momentum continues, says KWE

28 April 2017 08:08

Kennedy Wilson Europe Real Estate said the positive leasing momentum in UK and Ireland last year has continued into 2017.

The company said it had completed significant rent reviews at 111 Buckingham Palace Road, London, SW1 and new leases across Leavesden Park, Watford, and Stillorgan Shopping Centre, Dublin 18.

These covered around 270,000 sq ft and delivered an uplift of 17% ahead of previous passing rents and 3% ahead of valuers' ERVs.

President and chief executive Mary Ricks said: "The positive leasing momentum delivered in 2016 across the UK and Ireland has continued in 2017 as the portfolio continues to offer attractive space at good value for occupiers.

"We are particularly pleased that at our largest asset, Buckingham Palace Road, the dramatic transformation of the reception and Sky Lobby in Q4-16 has led to significant NOI improvement across our largest rent review and to new leasing opportunities, all at pre-referendum levels, owing to the high quality and prime location of this asset.

"Buckingham Palace Road continues to demonstrate untapped potential and we are excited to capitalise on further asset management opportunities in the near-to-medium term."

Separately, KWE announced that the board had resolved to pay an interim quarterly dividend of 12.0 pence per share.

It said the dividend would be paid on 31 May to shareholders of record on 12 May.

At 8:08am: (LON:KWE) Kennedy Wilson Europe Real Estate Plc share price was +1.5p at 1064.5p

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