Kenmore has marked the start of its European Industrial Fund with the acquisition of seven properties from a number of vendors for
The fund, a Guernsey-registered closed-ended investment company, is focused on industrial property in Western Europe and Scandinavia.
The company has entered into binding agreements to purchase seven properties in a deal with a blended yield of 8%. All of the acquisitions are expected to be completed by the end of 2006.
These are the first investments the company has made since its shares commenced trading on the London Stock Exchange on 25 September 2006.
The properties are:
A production and warehouse facility, with associated office and utility space, totalling 91,267 sq ft (8,479 sq m) in Urbach, Germany, for £2.9m, an initial yield of 7.76%.
A 14 unit industrial estate of 876,587 sq ft (81,437 sq m) in Dortmund, Germany, for £9.2m, an initial yield of 13.05%.
A 333,684 sq ft (31,000 sq m) warehouse scheme to the north east of Brussels for £11.9m, a net initial yield of 7.42%.
A 55,111 sq ft (5,120 sq m) warehouse development for £2.7m, which is currently under construction and scheduled for completion by mid 2007.
A 45,208 sq ft (4,200 sq m) light industrial property for £2.7m, an initial yield of 7.16%, in Tremblay, France.
A single warehouse building of 195,905 sq ft (18,200 sq m) for £14.4m, an initial yield of 6.89%, in Drammen, Norway.
A 282,791 sq ft (26,272 sq m) property in Norrahammer, Sweden, for £3.2m, an initial yield of 8.50%.
The company has also entered into an additional €161.1m (£108.3m) four year facility with the Royal Bank of Scotland to finance acquisitions in France, Belgium and the Netherlands.