Kenmore European Industrial Fund (KEIF) has announced a net asset value of 110 pence per share by the end of March, an uplift of 15.5% since it listed in London on September 2006. The company's net asset value incorporates an external valuation of the portfolio showed an increase of 2.9% in value between end-March 2007 and 31 December last year. Acquisitions completed or agreed amount to 335 mln, and the pipeline of transactions, if completed, will increase the fund size to 385 mln. This is expected to represent about 95% of the company's gross property assets when fully invested. The portfolio had a yield of 7.3% and this will increase to 7.7%, if the pipeline of transactions completes as expected.
Kenmore European Industrial Fund (KEIF) has announced a net asset value of 110 pence per share by the end of March, an uplift of 15.5% since it listed in London on September 2006. The company's net asset value incorporates an external valuation of the portfolio showed an increase of 2.9% in value between end-March 2007 and 31 December last year. Acquisitions completed or agreed amount to 335 mln, and the pipeline of transactions, if completed, will increase the fund size to 385 mln. This is expected to represent about 95% of the company's gross property assets when fully invested. The portfolio had a yield of 7.3% and this will increase to 7.7%, if the pipeline of transactions completes as expected.
KEIF is a Guernsey registered closed-ended investment company focusing on industrial property assets in Western Europe and Scandinavia. On 15 May the company announced the acquisition of three industrial portfolios comprising over 55,000 m2 for EUR 47 mln. 'While European and Scandinavian real estate markets have become tougher in recent months with greater competition for assets and higher interest rates, we believe that the portfolio is well diversified and continues to show potential for capital and income growth,' KEIF's chairman Giles Weaver said.