Kenmore snaps up EUR 70.19 mln worth of industrial properties

Real estate investment company Kenmore Euro Industrial Fund has announced the acquisition of seven industrial and warehouse buildings in Germany, France, Sweden and Norway for a total of EUR 70.19 mln (£47.2 mln). The transaction, which generated a combined yield of 8%, was the first by fund since it raised EUR 208 mln with a listing on the London Stock Exchange in September.

The company had a seed portfolio of EUR 316 mln at the time of its listing and said it was on its way to meeting its target of investing all its funds within 12 months of its launch. Kenmore also announced it has entered into an agreement with the Royal Bank of Scotland for a four-year, EUR 161.1 mln facility with an initial interest of 5% per year;. It has already used around EUR 38.5 mln of this sum to refinance some of its launch portfolio.