Kenmore European Industrial Fund has bought three industrial portfolios comprising 590,000 sq ft for E47m (£32.2m).
The Guernsey-registered closed-ended investment company has bought six fully-let semi-industrial properties from Machinery OY Finland for E22.1m (£15.1m) off a net initial yield of 7.24%. The portfolio totals 210,000 sq ft and is located in the Helsinki area.
In the second acquisition, Kenmore has bought two warehouse and ancillary office buildings comprising 117,800 sq ft of space in Sindelfingen in Stuttgart. The properties are occupied by Daimler Chrysler, the deal reflects a net initial yield of 7.5%.
The last deal involves the purchase of one 260,800 sq ft industrial building in Kungsbacka, around 20 miles from Gothenberg, Sweden. The E13.73m (£9.39m) deal reflects Kenmore’s interest in the Scandinavian industrial warehouse market and represents a net yield of 7.03%.
Rob Brook, managing director of Kenmore Property Group, said: ‘KEIF continues to expand its European portfolio across all core markets. Since we started trading last September, we have bought more than E123m (£85m) of new properties. The fund is now 85% invested and puts us firmly on track to invest the blance within 12 months of launch.’