Kenmore European Industrial Fund has sold a Paris-based portfolio of industrial properties to a private investor, for €59m.

This price was around 4% below the March 2009 valuation, and the fund provided the purchaser with a vendor credit facility of €6.4m over two years.

The portfolio is made up of 17 assets totalling 772,621 sq ft of light industrial and warehouse space, and one office building, all located in the wider Paris region.

It is 98% let to a total of 73 tenants, including Getronics, INA, La Cornue (Aga Rangemaster Group) , the FNAC and Hygena.

Rob Brook, managing director of Kenmore Financial Services, said: ‘Following a quick succession of strategic disposals in the Paris region, this latest and most significant portfolio sale further consolidates the fund’s programme of exit from positions where it has already maximised ‘value-add’ active asset management initiatives, thereby de-leveraging and de-risking its overall facility.

‘This successful strategy not only provides the headroom necessary to protect the portfolio against future market falls in value but also reduces its exposure to the French market from 44.2% to 34.8%, rebalancing its geographic weighting.’

BNP Paribas Real Estate acted on behalf of Kenmore European Industrial Fund.