Kenmore Property Group has made the first acquisition on behalf of its French office fund with the purchase of the Astoria office building in Rennes from local developer Prodim in a forward funding deal. The 2,900 m[sup]2[/sup] office development is scheduled for completion in January 2008. The purchase price was not revealed but Kenmore forecast a yield of 7.5%. Colliers CLS Blot advised both parties.
Kenmore Property Group has made the first acquisition on behalf of its French office fund with the purchase of the Astoria office building in Rennes from local developer Prodim in a forward funding deal. The 2,900 m2 office development is scheduled for completion in January 2008. The purchase price was not revealed but Kenmore forecast a yield of 7.5%. Colliers CLS Blot advised both parties.
Chris Pope, managing director of Kenmore's Paris office, commented: 'This is the first investment on behalf of the Kenmore Office Fund and our objective is to invest EUR 100 mln during the next 12 to 18 months on speculative office buildings in regional towns throughout France'.
