Kenmore acquires €36 million Dutch portfolio

Kenmore acquires the Kraaggebouwen portfolio in Amsterdam for €36 million.

18 February 2008

Kenmore, on behalf of Kenmore Europe, a joint venture with HBoS and Revcap, is pleased to announce the acquisition of the Kraaggebouwen portfolio in Amsterdam.  The transaction reflects a net initial yield of 7%.

the portfolio comprises eight office buildings totalling 203,148 sq ft (18,874 sq m) and presents the opportunity to increase value through regearing existing leases and refurbishment and reletting of vacant accommodation. 

Rob Brook, Managing Director of Kenmore Property Group, commented:

 “Kenmore now has a portfolio in the Netherlands in excess of £200 million by cost and continues to explore opportunities there. The Kraaggebouwen portfolio offers good potential to actively manage assets through the letting of vacant space and will benefit from the strong occupational demand at Amsterdam’s South Axis.”

ENDS

For further details please contact:

Denise Hamilton, Marketing Manager, Kenmore
Tel: 020 7629 4480
denise.hamilton@kenmore.co.uk 

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