Kenmore buys land and property in France

Kenmore Property Group announced on Wednesday that it has completed two acquisitions in France for a total of EUR 12 mln in behalf of its French Office Fund.

The first comprises a 2,156 m² office scheme in Nantes called Le Saphir. The building is being constructed by Eiffage Immobilier Ouest, who was also the vendor, and is due for completion in April 2009. Blot Immobilier acted on behalf of Kenmore and the vendor.

The second acquisition is a 8,000 m² site in Montpelier, with planning permission for a 5,374 m² office scheme. Local developer Helios Promotion will carry out the works and completion is due in the first quarter of 2009. Kenmore bought the site from Societe d'Equipement de la Region.

The Kenmore French Office Fund was created in March 2007 to acquire new office developments in French urban areas. It has a target portfolio size of around EUR 100 mln and is now almost 50% invested.