Kenmore Property Group goes into administration

European real estate investment and fund manager Kenmore Property Group (KPG) has gone into administration. The board has appointed Rob Caven and Martin Ellis of the UK office of financial and business adviser Grant Thornton as joint administrators of 21 companies within the group, it was announced on Thursday.

Rob Caven and Martin Ellis have also been appointed joint receivers of two of the group's other companies.

KPG, headquartered in Edinburgh, Scotland, has invested in a number of property investment funds which own properties across the UK, Europe and Middle East and provides property management services to a number of these funds.

According to KPG's website, the group has £1.8 bn (EUR 2 bn) based on cost value of investments and developments across the UK and in France, Germany, Holland, Belgium, Sweden, Norway, Finland, Dubai and Qatar. It also has a development portfolio with a gross development value of approximately £1.5 bn.

Aside from the holding companies Kenmore Property Group and Kenmore Investments, the entire Kenmore Capital fund has been placed into administration along with the Group's Private Equity arm (Kenmore Private Equity ) and two single property vehicles (Kenmore Snowhill and MK Manchester). The remaining property investment funds in which the Group has invested are not part of the insolvency proceedings.

KPG is headquartered in Edinburgh and employs 67 staff across the UK with offices also situated in London, Manchester, Leeds and Bristol.

'We are continuing to trade the business. While the insolvency of part of the Kenmore Group will create uncertainty for a number of parties we will ensure that we liaise with all affected parties in order to minimise disruption to the funds that are owned and managed by the Group,' commented Rob Caven, partner at Grant Thornton's Recovery and Reorganisation practice.

The list of appointments are as follows:

Kenmore Property Group Limited - Administration
Kenmore Investments Limited - Receivership
Kenmore Capital Limited - Administration
Kenmore Capital 2 Limited - Administration
Kenmore Capital 3 Limited - Receivership
Kenmore Capital Alfreton Limited - Administration
Kenmore Capital Cuprum Limited - Administration
Kenmore Capital Leeds Limited - Administration
Kenmore Capital Middlesbrough Limited - Administration
Kenmore Capital Moulton Limited - Administration
Kenmore Capital Plymouth Limited - Administration
Kenmore Capital Tipton Limited - Administration
Kenmore Capital Tipton 2 Limited - Administration
Kenmore Capital Glenrothes Limited - Administration
Kenmore Capital Northbank Limited - Administration
Kenmore Capital Portfolio Limited - Administration
Kenmore Private Equity Limited - Administration
Kenmore Snowhill Limited - Administration
Black Button Limited - Administration
Gothic Font Limited - Administration
Number Rule Limited - Administration
MK Manchester Limited - Administration
KAV Management Limited - Administration