Kenmore European Industrial Fund has sold the Villas Portfolio, comprising six multi-let buildings in the Paris region, to a private investor for a total of EUR 14.5 mln. The transaction volume was just under 5% below the December 2008 fund valuation.
Kenmore European Industrial Fund has sold the Villas Portfolio, comprising six multi-let buildings in the Paris region, to a private investor for a total of EUR 14.5 mln. The transaction volume was just under 5% below the December 2008 fund valuation.
The portfolio of office and light industrial buildings provides a total area of 14,895 m2. It is approximately 90% let to over 40 tenants, primarily on 3/6/9 year leases.
This latest KEIF asset sale follows the recent disposals of Houthalen II in Belgium and Dortmund in Germany.
Rob Brook, managing director of Kenmore Financial Services, said: 'This sale demonstrates that liquidity remains for small lot size, good quality, well-managed assets. KEIF purchased the portfolio between 2006 and 2007 and, through a proven, highly successful formula of active asset management, has maintained its high level of occupancy and well-diversified tenant base providing it with a secure income stream.'
He said Kenmore had negotiated a good sale price and would use the proceeds to further de-gear its portfolio, 'in-line with its current de-risked strategy'.
Atisreal advised Kenmore on this disposal.
