Germany

Kenmore has been active in the German property market since 2005 with the acquisition of the Zweibrucken Factory Outlet Centre. Our focus has primarily been on value-add/opportunity acquisitions in the office and retail sectors together with extensive, core-style, light industrial property. Generally we seek individual property lots from €5 million upwards but larger portfolios are also considered. Whilst Germany is largely recognised as the 'engine room' of Europe, it is also known as a fragmented and opaque market and in order to generate sustainable value a local market presence is required.

Our Berlin base was established in 2007, headed by Director, Daniel Herrmann.

Recent transactions

In the last quarter of 2008, Kenmore, on behalf of KEIF, sold Brackeler Hellweg, Dortmund, a 140,000 sqm industrial property with a gross lettable area of circa 80,000 sqm.  TEDi GmbH & Co. KG, the current anchor tenant, acquired 125,000 sqm of the property representing 70,000 sqm of its lettable area  for €17.7 million in December 2008. The remaining area of circa 14,285 sqm was sold to Rewe Dortmund Groβhandel eG for €2.3 million in October 2008.  The asset was sold at a price above the last valuation.