Kenmore currently has a portfolio in excess of €350 million in Norway. In 2004 Kenmore became one of the first international investors to break into the Norwegian market by acquiring a 50% stake in a specialist shopping centre investment vehicle, Center Holdings AS. Kenmore’s fellow investors are a syndicate of Norwegian private investors.
The group's portfolio also includes 80,000 sqm of properties predominantly located in the Greater Oslo area in 21 separate locations. In January 2007, Kenmore acquired a €52.4 million portfolio of six peripheral Oslo Central Business District offices in Norway on behalf of MK Capital. The properties comprise a total area of 33,221 sqm. Kenmore has plans to re-let existing and vacant areas at and potentially above current market rates. Current tenants include the Norwegian Statistics Agency and a number of prominent law firms.
On behalf of the Kenmore European Industrial Fund ('KEIF'), Kenmore invested in four industrial and warehouse units in three separate transactions. The properties are located in Bergen, Fredrikstad, Moss and Skarnes. Total investment value for the transactions was €17 million with a weighted average yield of 7.7%.
RECENT TRANSACTIONS
In early 2008, Kenmore sold a portfolio of assets in Norway to Close EuroPiP for a total of NOK 680 m (EUR 86.2 m). The portfolio, which comprises a total of 14 mixed commercial assets, generates a total annual income of NOK 49m (EUR 6.2 m).
The portfolio included two properties on behalf of KEIF, 11 properties on behalf of Kenmore Europe and one property on behalf of Adam II and is located in the Greater Oslo region of Norway.