Kenmore completes £70.5m of UK sales (UK)

Kenmore has announced the sale of two UK properties for a total of £70.5 million (approx. €97 mln): the 89,000-ft² office building Maersk House (formerly known as Beagle House), located on Braham Street in London E1, and the mixed-use building Three Horseshoes in Warminster, Wiltshire.

Beagle House.

Maersk House has been sold on behalf of Kenmore Capital to Private Irish Investors for £55.90 million (approx. €77 mln). The transaction reflects an initial yield of circa 5.5%. Located in Aldgate in the City of London, the office building is let to Maersk until June 2017 and generates an annual income of £3.185 million (approx. €4.390 mln). dohertybaines advised Kenmore Capital, NB Real Estate represented the purchasers.

In a second transaction, Kenmore has also sold Three Horseshoes on behalf of the Adam Fund to Stockland Halladale for £14.6 million (approx. €20 mln). The transaction reflects an initial yield of 5.4%. The property comprises a supermarket let to Co-Op and 21 retail units, as well as office and residential accommodation. CBGA advised Kenmore, CBRE acted for Stockdale Halladale.

Commenting on the sales, Lee Maytum, Investment Director of Kenmore Property Group, said, "These transactions reflect our strategy to recycle capital on behalf of our investors into investments and developments which are more strongly aligned with our ongoing strategic investment objectives."

Source: FD

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