Kenmore and DTZ to launch sustainable investment fund
Kenmore and DTZ announce plans to launch Sustento, a new €750 m pan-European fund
8 October 2007
Kenmore Property Group, in partnership with DTZ is to launch SUSTENTO, a sustainable investment fund. The fund is aimed at investors who are increasingly demanding a future-proofed commercial response to the growing impact of sustainable thinking on building design, tenant occupation and location strategy.
The fund will focus on Pan-European office investment, primarily in city centre locations, and will comprise a blend of new-build property, as well as refurbished buildings and existing assets that meet the fund’s environmental criteria.
DTZ has assembled an alliance of industry experts to assist in the architecture of SUSTENTO. Cyril Sweett is providing advice on building design and standards and Herbert Smith has provided advice on occupational leases which encourage and govern a sustainable approach to tenant occupation. Forum for the Future, a leading sustainable development charity that works to encourage adoption of sustainable thinking in business, has provided sustainability and environmental advice.
Kenmore Property Group will co-invest in SUSTENTO and act as asset/development manager. DTZ will act as the investment manager and property manager, as well as raising capital. Kenmore has current assets under management in excess of £1.7 billion and is active throughout Europe.
Rob Brook, Managing Director for Kenmore, comments: “The creation of SUSTENTO marks a significant point in the evolution of the commercial property market. Sustainability is an increasingly important issue for tenants and investors and we are excited to be involved in such a progressive initiative as both asset manager and co-investor. With such strong partners already involved at this early stage, we are confident that this fund will make a positive impact on our industry’s commitment to sustainable investment.”
Matthew Allen, director at DTZ, comments: “This fund has been developed as a commercial response to the increasingly important matter of environmental sustainability, where moral and economic imperatives are converging to drive change in the property industry. This is a secular change which we believe is set to sharply accelerate.”
Jonathan Porritt,a leading government advisor and the founder of Forum for the Future, will be speaking at the launch event along with the SUSTENTO’s partners who will present the results of their analysis of the investment opportunity. The event will take place at The London Stock Exchange, Paternoster Square, at 8.30am on 10 October 2007.