UK-based commercial property investor and developer Kenmore has announced the sale of two UK properties for £70 mln (EUR 104 mln). The first is Maersk House, an 8,300 m[sup]2[/sup] office building in the City of London, which Kenmore have sold to private Irish investors for £56 mln (EUR 83 mln). The property is let to Maersk until June 2017 and generates an annual income of over EUR 4.7 mln, Kenmore have said that the transaction reflects an initial yield of about 5.5%.
UK-based commercial property investor and developer Kenmore has announced the sale of two UK properties for £70 mln (EUR 104 mln). The first is Maersk House, an 8,300 m2 office building in the City of London, which Kenmore have sold to private Irish investors for £56 mln (EUR 83 mln). The property is let to Maersk until June 2017 and generates an annual income of over EUR 4.7 mln, Kenmore have said that the transaction reflects an initial yield of about 5.5%.
The second is a mixed-use property called the Three Horseshoes in Warminster, Wiltshire, which Kenmore have sold to Stockland Halladale for £15 mln (EUR 22 mln) on behalf of the Adam Fund. The initial yield comes to 5.4%. The Three Horseshoes comprises a supermarket let to the Co-Op and 21 other retail units, together with offices and residential accommodation. Based on cost value, Kenmore had almost EUR 2.5 bn of investments and developments across the UK and continental Europe at the end of last month.
