Kenmore European Industrial Fund sells two Norwegian assets

KEIF announces the disposal of two Norwegian assets to Close Euro PIP for NOK 118.7 million

11 February 2008

Kenmore European Industrial Fund announces the disposal of two Norwegian assets to Close Euro PIP for a total consideration of NOK 118.7 m (€14.8 m*) reflecting a net initial yield of 6.7%.  The sale was achieved at a price above the last valuation as at 30 September 2007.

The disposals comprised the following assets:

• 161 Bekkeveien, Stokke, a 9,750 sqm industrial unit
• 10–12 Bredmyra, Sarpsborg, a 7,992 sqm industrial unit

Jones Lang La Salle and Akershus Eiendom acted on behalf of KEIF, King Sturge acted on behalf of Close Euro PIP. 

Rob Brook, Managing Director of Kenmore Property Group, KEIF’s Investment Manager, commented:

“An important part of our strategy is to identify opportunities to recycle capital once we have undertaken our asset management initiatives and where we can achieve good sales values. The disposal of these two assets at a price above the last book value clearly illustrates this strategy.”

*Euro exchange rate €0.12469  = 1 Norwegian Kroner.

-ENDS-

For further information, please contact:

Rob Brook, Managing Director, Kenmore Property Group
Tel: 020 7629 4480

Stephanie Highett/Dido Laurimore/Nicole Marino, Financial Dynamics
Tel: 020 7831 3113