Kenmore Property Group is acquiring the Landmark Portfolio from White Estate Investments on behalf of its fund MK Capital for a net price of about EUR 135 mln. The portfolio comprises 14 properties located mainly in the Randstad area of central Holland, including Amsterdam, Utrecht, Breda and Amersfoort. The assets provide some 65,000 m[sup]2[/sup] of prime office space let to over 70 tenants and with an occupancy rate of more than 97%. Annual rent is estimated to be about EUR 10 mln.
Kenmore Property Group is acquiring the Landmark Portfolio from White Estate Investments on behalf of its fund MK Capital for a net price of about EUR 135 mln. The portfolio comprises 14 properties located mainly in the Randstad area of central Holland, including Amsterdam, Utrecht, Breda and Amersfoort. The assets provide some 65,000 m2 of prime office space let to over 70 tenants and with an occupancy rate of more than 97%. Annual rent is estimated to be about EUR 10 mln.
The deal was funded by Lehman Brothers with whom MK Capital has established a joint venture. The Landmark Portfolio will be seeded back into this vehicle together with Kenmore's existing Dutch assets. These additional assets involve some 16 office buildings and one mixed-use retail/office comprising 54,800 m2 in total. The joint venture's combined assets will have some EUR 220 mln of assets and comprise nearly 120,000 m2 of prime commercial property.
Kenmore was advised by Boekel de Nerée and Savills. The vendor was advised by Houthoff Buruma, DTZ Zadelhoff and Troostwijk.
Till Armbrust, Investment Director Europe at Kenmore Property Group, said: 'The new portfolio represents a significant addition to our existing Dutch holdings and reflects our confidence in the local market. As the market continues to grow, we are keen to significantly increase the size of our portfolio.'
Kenmore is a co-investing, trading and development property and fund management group active in the UK, Europe and Middle East. The company has £1.5 bn of investments and developments across the UK and in France, Holland, Germany Belgium, Sweden, Norway and Finland.