UK commercial property company Kenmore said on Wednesday it has sold a 140,000 m[sup]2[/sup] logistics plot in Dortmund, Germany in two off-market transactions for its Kenmore European Industrial Fund (KEIF). Financial details were not disclosed.
UK commercial property company Kenmore said on Wednesday it has sold a 140,000 m2 logistics plot in Dortmund, Germany in two off-market transactions for its Kenmore European Industrial Fund (KEIF). Financial details were not disclosed.
In the first transaction, Kenmore sold a 125,000 m2 plot encompassing 70,000 m2 of usable space to Tedi. The remainder was sold to wholesaler Rewe Dortmund Grosshandel in a separate deal executed in October 2008.
Kenmore bought the site two years ago and expanded it into one of the biggest industrial complexes in Germany's eastern industrial Ruhr region.
Commenting on the sale, Daniel Herrmann, head of Kenmore Germany, said: 'Despite the current difficult market conditions, our fund was able to realise a single-digit million profit figure on the transaction. Kenmore will continue its strategy of active asset management against the general market trend.'
