Kenmore has been active in the German market since early 2005 and opened its first German office in Berlin in 2007, headed by Investment Director Daniel Herrmann.
Current Portfolio
Kenmore currently has approximately €175 million worth of assets under management in Germany, based on cost value.
One of our largest assets is the Zweibrucken Factory Outlet Centre, acquired from OCI/Lehmann Bros in December 2005. Located in the South-West of Germany, Zweibrucken is the country’s largest designer brand shopping centre, spanning 118,404 sq ft (11,000 sqm) and let to over 55 designer brands including Versace and Nike. Phase 2 of the development was completed in September 2006 and work started on phase 3 in November 2007. For more information please click on the following link www.doz.com.
Prospects
Kenmore continues to target opportunities in Germany with a focus on key second tier cities which are forecast to benefit the most in relative terms from the forecast recovery in the German economy. We currently have in excess of €300m of German property under consideration.
Many of the properties have been purchased in partnership with Bank of Scotland Corporate. As with the Kenmore UK model, other partnerships are being actively sought to focus on other sectors in the market.