UK

With six established regional offices, Kenmore is in a strong position to manage its UK assets. Our office portfolio ranges from prime stock in regional centres, where letting risk has been the main driver of performance, to older assets requiring refurbishment and strategic asset management. Our retail portfolio primarily consists of shopping centres that dominate local catchment areas, with a good mix of national multiple and local retailers off Zone-A rental levels, allowing for rental growth through active management. Industrial assets are mainly in the secondary market in key locations.

Recent activity

Kenmore completed 35 new UK lettings in the last quarter of 2008 on behalf of three of its funds, Kenmore Capital, Kenmore Land and Adam 2 and three of its private partnerships.  A total of over 492,888 sq ft (45,836 sq m) of space was let at office, retail and industrial sites across the UK. Generating a total combined income of nearly £2.6 million per annum, and with lease terms secured for up to 15 years, space has been let to a diverse tenant base including Trimedia Group, Karcher, Continental Offshore and Petrology. 

Amongst the deals of note is the letting of 7,450 sq ft (692 sq m) space to Trespass UK at 196 Deansgate, Kenmore's Manchester city centre redevelopment .  In conjunction with completion of the major redevelopment works, the retailer took the unit on a new 15-year lease, at a rent of £150,000 per annum rising to £160,000 per annum (in year four).