Kenmore completes £70.5 million of UK sales
Kenmore announces the sale of two UK properties for a total of £70.5 million.
6 August 2007
Kenmore, one of the UK’s most active commercial property companies with investments and developments across the country, has announced the sale of two UK properties for a total of £70.5 million.
Maersk House (formerly known as Beagle House), Braham Street, London E1, has been sold on behalf of Kenmore Capital to Private Irish Investors for £55.90 million. The transaction reflects an initial yield of circa 5.5%. Located in Aldgate in the City of London, the 89,000 sq ft office building is let to Maersk until June 2017 and generates an annual income of £3.185 million.
Dohertybaines advised Kenmore; NB Real Estate represented the purchasers.
In a second transaction, Kenmore has also sold Three Horseshoes, Warminster, Wiltshire on behalf of the Adam Fund to Stockland Halladale for £14.6 million. The transaction reflects an initial yield of 5.4%.The property comprises a supermarket let to Co-Op and 21 retail units, as well as office and residential accommodation.
CBGA advised Kenmore, CBRE acted for Stockdale Halladale.
Commenting on the sales, Lee Maytum, Investment Director, Kenmore Property Group, said:
“These transactions reflect our strategy to recycle capital on behalf of our investors into investments and developments which are more strongly aligned with our ongoing strategic investment objectives.”