Kenmore European Industrial Fund has sold its Les Ulis asset industrial estate, near Paris, France to a private investor for above its March valuation.
The estate sold for €1.86m, 1% more than its March valuation.
The 44,961 sq ft multi-let, light industrial estate asset is arranged across two buildings, fully let to four tenants, including a subsidiary of Plastic Omnium.
Following the departure of DHL, a major tenant at the building, in June 2007, Kenmore has undertaken extensive asset management initiatives on this asset to secure full occupation.
Rob Brook, managing director of Kenmore Financial Services, said: ‘This latest disposal to a private investor at a price above valuation builds on the fund’s strategy to capitalise on value-adding asset management initiatives to raise proceeds which can then be used to further de-gear and de-risk its position.’
BNP Paribas Real Estate acted on behalf of Kenmore European Industrial Fund.