RNS Number : 5795C
Kenmore Euro Industrial Fund Ltd
16 November 2009
16 November 2009
Kenmore European Industrial Fund ("KEIF"/ "Fund')
KENMORE EUROPEAN INDUSTRIAL FUND COMPLETES
FURTHER PARIS DISPOSAL
Kenmore European Industrial Fund is pleased to announce that it has sold 3 Rue de Bondy, in Aulnay-sous-Bois in France, to a private investor for a net price of approximately €1.14 million, which is 1.4% below the June 2009 valuation.
The property comprises 7,675 sq ft (713 sq m) arranged as three floors (first, second and fourth floors) of offices in a mixed-use building which are owned by KEIF, with the ground and third floors in separate ownership. Located in the north-eastern suburbs of Paris, in the centre of Aulnay-sous-Bois, the property is situated approximately 14k from the centre of Paris and close to motorway connections and Charles de Gaulle airport.
Kenmore has maintained a high occupancy level for this asset and, following the recent re-letting of the fourth floor, the building is now fully let and therefore provides limited opportunities to gain additional value through asset management.
Rob Brook, Managing Director of Kenmore Financial Services Limited, commented:
"This further sale once again illustrates the disposal strategy successfully adopted by KEIF to dispose of assets considered non-core and where no further opportunities remain for significant value uplift through asset management initiatives."
BNP Paribas acted for KEIF on the sale of the asset.
For further information, please contact:
Denise Hamilton, Marketing Manager, Kenmore Financial Services Limited
0131 226 9000
Dido Laurimore / Olivia Goodall, Financial Dynamics
Tel: 020 7831 3113
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