Kenmore firmly established its presence in the Finnish market with the acquisition of two large portfolios in August 2006. In May 2008, Kenmore opened its Helsinki office, headed up by Hannu Manninen, Director of Asset Management.
One of the largest portfolios Kenmore owns within Finland is the €74m Citycon portfolio consisting of 76 retail and industrial units. Situated in South-West Finland, with a total leasable area of 74,000sqm, the portfolio is leased to Kesko, a national supermarket operator, which is the largest tenant. Other tenants include Sampo Bank, the City of Vantaa, McDonalds and the furniture store Jysk.
A second €44.3 m portfolio acquisition in Finland further increased the volume of Kenmore’s Finnish operations. Seven of the properties are industrial with two quasi-retail warehouse properties, totalling 48,821 square metres. Most of the properties are located in or close to Helsinki. The portfolio is fully leased and provides a net initial yield of approximately 8.10%.
Currently Kenmore's Finnish portfolio totals approximately €250 million.