Kenmore European Industrial Fund (KEIF) said it has completed 23 new lettings in France over the past two months. The deals represent 22,414m[sup]2[/sup] of space and will generate a total annualised income of EUR.7 mln. Most of the lettings have been taken on three, six, nine-ear leases, standard in the French market.
Kenmore European Industrial Fund (KEIF) said it has completed 23 new lettings in France over the past two months. The deals represent 22,414m2 of space and will generate a total annualised income of EUR.7 mln. Most of the lettings have been taken on three, six, nine-ear leases, standard in the French market.
The UK-based closed-end investment company added that the new lettings reduce KEIF' vacancy rate in France to 11.79% compared with 17% at the beginning of December 2007 as 17,948 m2 of the lettings represent previously vacant space in the portfolio.
Some of the more significant lettings include 83 Neuilly, Paris, a light industrial and office space, comprising some 2,832 m2 has been let to Low & Co on a 3,6, 9-year lease for EUR 226,640 per annum. Leonard De Vinci, Lisses, another light industrial and office space comprising some 5,120 m2, has been leased by Gutenberg Online for EUR 390,490 per annum.
In addition, several leases are currently under negotiation for a further 5,117 m2 (1.8% of the total), representing EUR 304,614 of gross rental income (1.62% of the total portfolio revenue).
Rob Brook, Managing Director of Kenmore Property Group, KEIF's Investment Manager, commented: 'We continue to make strong progress in terms of new lettings and the re-letting of space. This demonstrates Kenmore’s ability to actively manage individual assets to enhance the income generation, and therefore value, of the portfolio.'
