KENMORE bought 32 more properties in France for 90 € million (UK/FR)

KENMORE, the British real estate investment fund, acting together with BANK OF SCOTLAND and KING STURGE, has just bought a property portfolio with a value of over € 90m from the American real estate investment fund APOLLO. The portfolio, which consists of 32 buildings for use as offices, warehouse and ancillary business activities, is situated in the Paris region. It comprises a total surface area of approximately 160,000m² and generates an initial rate of return of 9.4%.

KENMORE and partners, who in 2003 acquired their first property portfolio from APOLLO consisting of 8 buildings worth more than 25 million euros, now hold French commercial property worth over 120 million euros and will pursue its property investments in France.

KENMORE will buy more properties in the next few months.

KENMORE and its co-investors were advised by RICHARDS BUTLER Paris, avocats (Mike Mackenzie-Smith and Edouard Vitry for the property and financing matters, Karine Abbou and Arnaud Lehericy-Landberg for contractual matters). BAKER & MCKENZIE, avocats (Olivier Mesmin and Sybille Salmon-Legagneur) advised them on the tax aspects and ERNST & YOUNG, chartered accountants (Emmanuel Picard, Damien Aubert & Hervé Panzuti) on the accounting matters.

APOLLO was advised by CLIFFORD CHANCE, avocats and on the tax aspects by Gérard PROTAIN, avocat.

The transaction was concluded by the intermediary of KING STURGE.

Source: Richards Butler

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