Kenmore's European Industrial Fund (KEIF) has bought three industrial portfolios, with a total of 55,000 m[sup]2[/sup] of lettable space, for EUR 47 mln. The closed-end investment company acquired a portfolio of six fully-let semi-industrial assets in the Helsinki region from Machinery OY Finland for just over EUR 22 mln. The deal reflects a net initial yield of 7.24%. The company also purchased a Stuttgart warehouse and an adjacent office building that are leased to Daimler Chrysler. The net initial yield comes to 7.5%. Additionally, Kenmore bought an industrial building near Gothenburg, Sweden for EUR 13.73 mln, reflecting a net yield of 7%.
Kenmore's European Industrial Fund (KEIF) has bought three industrial portfolios, with a total of 55,000 m2 of lettable space, for EUR 47 mln. The closed-end investment company acquired a portfolio of six fully-let semi-industrial assets in the Helsinki region from Machinery OY Finland for just over EUR 22 mln. The deal reflects a net initial yield of 7.24%. The company also purchased a Stuttgart warehouse and an adjacent office building that are leased to Daimler Chrysler. The net initial yield comes to 7.5%. Additionally, Kenmore bought an industrial building near Gothenburg, Sweden for EUR 13.73 mln, reflecting a net yield of 7%.
Rob Brook, managing director of Kenmore Property Group, said: 'KEIF continues to expand its European portfolio across all core markets. Since we started trading last September, we have bought more than EUR 123 mln of new properties. The fund is now 85% invested and we are firmly on track to invest the balance within 12 months of launch.'
