Kenmore European Industrial Fund has sold its industrial scheme, Glasstraat in Antwerp, to Gecodam for a net price of EUR 7.1 mln. The investment volume reflects a net initial yield of 8.72%.
Kenmore European Industrial Fund has sold its industrial scheme, Glasstraat in Antwerp, to Gecodam for a net price of EUR 7.1 mln. The investment volume reflects a net initial yield of 8.72%.
The asset is currently 90% let. A 12-month rental guarantee was granted to the purchaser to cover voids and arrears for a maximum amount of EUR 240,000.
Kenmore said that the net sale price, including a reduction of 100% of the guarantee, was 2.6% ahead of June 2009 valuation.
Located in Merksem, Antwerp, the 22-unit light industrial estate comprises 15,700 m2. KEIF purchased the property in December 2006 for a gross price of €6.52 mln when it was 60% let. Subsequently KEIF successfully letting the majority of the remaining space.
