Kenmore European Industrial Fund (KEIF) has acquired a large light industrial complex of 31.000 m² in the industrial zone of Aarschot (next to the E-314 motorway).
It concerns an entity composed of three buildings: a recent logistical development of 10.600 m² let to Black & Decker and two warehouses let amongst others to Distri-Dijle and Distri-Log (for INBEV's regional distribution). Apart from this, the site offers additional development potential. Kenmore has invested €17,0 millions based on a yield of 8,30% gross.
It is the second asset of the British fund in Belgium. Kenmore also owns a distribution center in Olen. The Kenmore European Industrial Fund, quoted on the stock exchange, was set up a few months ago and has the ambition to grow to become an important player in the light industrial and logistic real estate market in Europe. The acquisition in Aarschot happens in the framework of recent investments realised in Belgium, Germany, France, Norway and Sweden for an amount of €70 millions.
The transaction was introduced and advised by King Sturge.
Source: King Sturge