Kenmore European Industrial fund is buying a portfolio of light industrial properties in France and Belgium for a total of around EUR 29 mln. The company acquired four assets in the Paris region and Lyon from French company Proudreed for EUR 10.3 mln, or a net initial yield of 8.7 %. The French properties generate a total income of EUR 959,000 per annum and are 87% let to several tenants.
Kenmore European Industrial fund is buying a portfolio of light industrial properties in France and Belgium for a total of around EUR 29 mln. The company acquired four assets in the Paris region and Lyon from French company Proudreed for EUR 10.3 mln, or a net initial yield of 8.7 %. The French properties generate a total income of EUR 959,000 per annum and are 87% let to several tenants.
In Belgium, the company has purchased two properties from Rockspring Property Investment Managers. They consist of a 6,965 m2 light industrial and office property at Langeveld Park, Brussels, for EUR 6 mln, reflecting a net initial yield of 6.5%. The deal could provide a yield of 8% after asset management, the company said. The other Belgian asset, a 19,100 m2 light industrial and office building close to Brussels airport, has been bought for EUR 12 mln, or a net initial yield of 6.5%. The property comprises 21 units, with a vacancy rate of 45%. Kenmore expects the yield to rise to 11% after asset management.
Proudreed was represented by Catella Property on the French transactions. King Sturge advised Kenmore on both transactions. Cushman & Wakefield represented Rockspring.
Kenmore industrial fund is now almost fully invested following its admission to trading in September 2006.
