Kenmore completes 5 Middle East deals for EUR 217m

UK-based commercial property investor and developer Kenmore has announced the completion of five transactions with a total area of 187,767 m² and a gross development value of £171.6mln (EUR 217mln) in the Middle East. The group has bought shares of up to 50% in five projects from a variety of vendors/local JV partners, in the hotel and residential, mixed-use and office sectors. Four of the transactions are in the United Arab Emirates and one is in Qatar.

The purchases included an interest in The Waterfront in The Madinat Al Arab Development by Nakheel from the Landmark Real Estate Opportunity Fund (Landmark). The joint venture with Andrew de Candole and Landmark has a GDV of £22.4mln.

A single storey (4,645m2) of The Daman Building in the Dubai International Financial Centre (DIFC). This investment is in partnership with the In-Touch Group and the Landmark Real Estate Opportunity Fund and has a GDV of £24.8 mln.

A 6,039 m² plot at the Greens development, Dubai, with a GDV of £10.8mln acquired from EMAAR with the Dutco Group. Nine plots in Jumeirah Village South, Dubai, in a joint venture with MINC Property. This joint venture is to develop residential towers and serviced apartments totalling 93,089m² of sellable area with a GDV of £68.4mln.

Kenmore's first asset in the Qatari market is a 6,714 m² plot at Lusail Waterfront. The project has a GDV of £45.2mln and is a joint development by Kenmore and ME Alignment, a company owned by The Al Attiya family. The group also announced its first purchase in Abu Dhabi. As a result, the group has committed equity to 11 deals with a GDV of approximately £688mln (EUR 870mln).