Finland

Kenmore firmly established its presence in the Finnish market with the acquisition of two large portfolios in 2006 and has since added to the portfolio through a number of smaller transactions. In May 2008, Kenmore opened its Helsinki office, headed by Hannu Manninen, Director of Asset Management.

The €74 million Citycon portfolio is one of our largest Finnish portfolios, consisting of 76 retail and industrial units. Situated in South-West Finland, with a total leasable area of 74,000 sqm, the portfolio is leased to Kesko, a national supermarket operator, which is the largest tenant. Other tenants include Sampo Bank, the City of Vantaa, McDonalds and the furniture store Jysk.

Recent transactions

In March 2008, Kenmore acquired a portfolio of ten assets in the Helsinki Metropolitan area and the Turku region in Finland for €32.2 million, reflecting a net initial yield of 6.6%. Acquired from a private Finnish individual, the portfolio totals 55,165 sqm and comprises 60% industrial, 15% retail and 10% office space. Kenmore plans to actively manage the portfolio by refurbishing and letting the vacant space, which totals 10,800 sqm (20%), and driving income yield, as well as increasing its dominance in the Vantaa Airport area.