Kenmore opened its Stockholm office in October 2006 headed by Investment Director, David Dahlgren. Responsible for all investments in the Nordic region, David works with the Group’s European Asset Management team to manage Kenmore’s €690 million Scandinavian portfolio, based on cost value.
Kenmore has been active in Sweden since 2005 and has a portfolio of approximately €130 million including a 15 building semi-industrial portfolio let to Selga and located at key Swedish distribution points nationwide.
Recent transactions
In the first six months of 2007 Kenmore completed five transactions in Sweden, three aquisitions on behalf of the Kenmore European Industrial Fund ('KEIF'). The first transaction, in January 2007, was a 6,194 sqm industrial property in Halmstad for €3.5, let to Albany Door Systems at a yield of 8.15%. In February 2007 a multi-let warehouse property in Borlänge was acquired for €4.4 million at a yield of 11.4% .
In February 2007, Kenmore also acquired twelve food retail properties from Atrium-Ljungberggruppen, for €16.4 million with Co-op as the dominating tenant. The properties provide 11,010 sqm of retail space in the greater Stockholm region. In March 2007, six car dealership properties were acquired from Catena for €25.6 million. The properties are well located in mid-sized cities in southern Sweden and possess good value add opportunities to extend and develop the assets, both for existing tenants and others.
In early July, on behalf of KEIF, Kenmore acquired a warehouse property in Kungsbacka, close to Gothenburg for €13.6 million, representing a yield of 7.01%.
Kenmore continues to seek opportunities to increase their portfolio, focusing on established distribution/logistics centres and other commercial investments in Sweden.