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Kenmore European Industrial Fund completes 22,414 sqm of lettings in France

KEIF announces the completion of 23 new lettings in France over the past two months.

27 February 2008

Kenmore European Industrial Fund announces the completion of 23 new lettings in France over the past two months representing 22,414 sq m (241,268 sq ft) of space which will generate a total annualised income of €1.7  million. Most of the lettings have been taken on three, six, nine year leases, standard in the French market.

Of these, 17,948 sq m (193,196 sq ft) of the lettings represent previously vacant space in the portfolio. The new lettings reduce KEIF’s void rate in France to 11.79% compared to 17% at the beginning of December 2007.
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The lettings have been secured in the following locations: 13/15 Clos Des Charmes, Paris; Palaiseau Gutenberg, Palaiseau, Paris; Fontanay sous Bois, Paris; Leonard De Vinci, Lisses; Bondoufle, Paris; Croissy Beauborg, Paris; Saclay, Paris; Parc Modus, le Blanc Mesnil; St Leu la Forêt, Paris; Tory Nord, Paris; Nanterre, Paris;  Pontault Combault, Paris and Noisel, Paris.

Details of two of the most significant lettings are set out below:

  • 83 Neuilly, Paris: Low & Co has taken 2,832 sq m of light industrial and office space on a 3/6/9 year lease at €226,640 per annum.
  • Leonard De Vinci, Lisses: Gutenberg Online has taken 5,120 sq m light industrial and office space on a 3/6/9 year lease at €390,490 per annum.

In addition, several leases are currently under negotiation for a further 5,117 sq m (55,076 sq ft) (1.86% of the total), representing €304,614 of gross rental income (1.62% of the total portfolio revenue).

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

“We continue to make strong progress in terms of new lettings and the re-letting of space.  This demonstrates Kenmore’s ability to actively manage individual assets to enhance the income generation, and therefore value, of the portfolio.”

-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

© 2007 Kenmore Property Group Limited