Norway

Kenmore was one of the first international investors to break into the Norwegian market. In 2004 the Group acquired a 50% stake in a specialist shopping centre investment vehicle, Center Holdings AS, in partnership with a syndicate of Norwegian private investors. We now manage a significant portfolio including 80,000 sqm of properties predominantly located in the Greater Oslo area in 21 separate locations and 33,000 sqm across six offices on the periphery of the Oslo Central Business District.

Recent activity

In July 2008, Kenmore sold two industrial units, Kokstaddelen 41, Bergen and Leiraveien 13B, Skedsmo on behalf of KEIF. The two assets combined comprised 189,660 sq ft (17,620 sq m) of industrial warehouse space and were let on 10 and 16 year leases to Mesterbakeren AS and Skaninavisk Transport System AS, respectively. They were sold to Fearnley Finans for £12.58 million, representing a net initial yield of 7.43%.

In early 2008, Kenmore sold a portfolio of assets in Norway to Close EuroPiP for a total of NOK 680 million (EUR 86.2 million ). The portfolio of 14 mixed commercial assets generated a total annual income of NOK 49 million (EUR 6.2 million).  The portfolio, located in the Greater Oslo region of Norway, included two properties on behalf of KEIF, 11 properties on behalf of Kenmore Europe and one property on behalf of Adam Second Property Partnership.