Kenmore, on behalf of Kenmore Europe, a joint venture between Kenmore, Revcap and HBOS, has 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 6.56%.
Acquired from a private Finnish individual, the portfolio totals 55,165 m² 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 m€ (20%), and driving income yield, as well as increasing its dominance in the Vantaa Airport area.
The vendor was represented by Comreal.
In addition, Kenmore Europe has acquired a 25,000-m² office building in Berlin from KGAL, Munich, for an undisclosed amount. Located in central Berlin, the property is 100% let to the Berlin Senate, Education Department.
CBRE acted for the vendor.
Rob Brook, Managing Director of Kenmore, commented: "We are looking forward to extracting further value from the Finnish portfolio. Currently the average rent in the portfolio is 13% below the market value and through actively managing the assets, we are hoping to increase this significantly. The properties are all within the thriving Helsinki metropolitan area and the Turku region and we are looking forward to increasing our platform around the Vantaa Airport region.
"The German purchase underlines our ongoing commitment to the local market in which we continue to seek interesting investment opportunities which allow us to enhance value by applying our asset management expertise."