UK development and fund management group Kenmore has announced the acquisition of the Kraaggebouwen portfolio of eight office buildings in Amsterdam from the property arm of Belgian-Dutch bank Fortis for EUR 36 mln. The transaction reflects a net initial yield of 7%. The assets are earmarked for Kenmore Europe, a joint venture with Halifax Bank of Scotland and Revcap.
UK development and fund management group Kenmore has announced the acquisition of the Kraaggebouwen portfolio of eight office buildings in Amsterdam from the property arm of Belgian-Dutch bank Fortis for EUR 36 mln. The transaction reflects a net initial yield of 7%. The assets are earmarked for Kenmore Europe, a joint venture with Halifax Bank of Scotland and Revcap.
The portfolio, totalling 18,874 m2 of space, offers the opportunity to increase value through re-gearing existing leases, refurbishment and re-letting of vacant space, the company said.
'Kenmore now has a portfolio in the Netherlands in excess of £200 mln by cost and continues to explore opportunities there. The Kraaggebouwen portfolio offers good potential to actively manage assets through the letting of vacant space and will benefit from the strong occupational demand at Amsterdam's South Axis', said managing director Rob Brook.
NL Real Estate advised Kenmore, while CB Richard Ellis acted for Fortis.
