Kenmore has sold 14 properties in Norway to Close Brothers’ open-ended European fund for NOK 680m (£67.3m).

The properties, owned by the Kenmore Europe Industrial Fund, Kenmore Europe - the joint venture with Bank of Scotland and Revcap, and the Adam II Fund, generate an annual income of NOK 49m (£4.84m).

The properties are based in the greater Oslo region of Norway and have been bought by the Close EuroPIP fund.

Rob Brook, managing director at Kenmore said: ‘The sale of this portfolio has allowed us to free up some capital to recycle in seeking further opportunities for investment in the area.

‘We are committed to extending our presence in the Nordic region and will continue to acquire assets where we see opportunities to increase value through actively managing the assets.’