Kenmore acquired its first portfolio in Holland in March 2004 and now has approximately €220 million of assets under management, based on cost value, and approximately 150 tenants.
In January 2007, on behalf of MK Capital, Kenmore acquired two portfolios comprising 17 buildings for approximately €130 million. The deal was funded by Lehman Brothers with whom MK Capital subsequently established a joint venture. The Landmark Portfolio was seeded back into this vehicle as were Kenmore’s existing Dutch assets. These additional assets incorporate a further 16 office buildings and one mixed use retail/office comprising 54,800 sqm in total.
The joint venture’s combined assets total in excess of €220 million and comprise nearly 120,000 sqm of prime commercial property. The portfolio includes 14 properties located mainly in the Ranstad area of central Holland and provides circa 65,000 sqm of prime office space let to over 70 tenants. It has a vacancy rate of less than three per cent and annual rent is estimated to be in the region of €10 million. Tenants include local law firms, accountants, banks and European retailers. Individual lot sizes range from 1,000 to 12,000 sq m.
Kenmore intend to implement an active asset and property management strategy to bring the under rented properties to full market value.