Belgium

Kenmore currently has a portfolio in excess of £90 million across Belgium, mainly in the retail warehousing and light industrial sectors.

Prior to June 2007, Kenmore had a partnership with IPM (Industrial Property Management), a local management company providing an established and extensive knowledge of the local market. In June 2007, we purchased the remaining 50% to form the basis of our new Belgian operations.

Kenmore made its first purchase of a mixed use 127,000 sqm portfolio in October 2004 for £27 million (€40 million) in a joint venture with Revcap. This portfolio includes office, retail warehousing and light industrial accommodation located within the Brussels, Antwerp and Ghent triangle.

Recent activity

In December 2008, Kenmore, on behalf of KEIF, sold its newly completed industrial scheme, Houthalen II in Belgium, to MC Capital nv for €2.9 million, reflecting a net reversionary yield of 7.08%.