The Company has acquired a portfolio of light industrial properties in the Paris region and one asset in Lyon from Proudreed for 10.3 mln. representing a net initial yield of 8.7 %.
The portfolio comprises the following three multi-let properties located in the Paris region: a 26,607 ft² (2,472 m²) light industrial and office property in the Domaine Technologique in Saclay; three buildings totalling 45,647 ft² ( 4241 m²) in the parc Gutembert in Palaiseau
and a 26,855 ft² (2,495 m²) office building in the High Tech 6 Estate in Les Ulis; the property is let to three tenants including Initial Delta Security. KEIF currently owns two properties in the High Tech 6 Estate in Les Ulis which were purchased in 2005.
The fourth property in the portfolio is a 44,668 ft² (4,150 m²) light industrial and office property in Pontcharra-sur-Turdine, 25 kms west of Lyon. The property is fully let to RBDH n a nine year lease until February 2015. The four properties generate a total income of 959 thousand per annum. The portfolio is 87% let. Proudreed was represented by Catella Property.
KEIF has also acquired two properties in Belgium from Rockspring Property Investment Managers. KIEIF has acquired a 74,967 ft² (6,965 m²) light industrial and office property at Langeveld Park, Brussels, for 5.87 million, reflecting a net initial yield of 6.5% rising
to 8% after asset management. The property is multi let to a list of high quality covenants including, and offers strong asset management opportunities through letting up of 500 m² of vacant space.
In a second transaction, KEIF has acquired a 205,581 ft² (19,100 m²) light industrial and office building close to Brussels airport for 12.46 million, reflecting a net initial of 6.5% rising to 11% after asset management. The property comprises 21 units, of which 45% are currently vacant, and offers KEIF opportunities to grow income through leasing up of vacant space. KEIF is now almost fully invested following its admission to trading in September 2006.
King Sturge advised KEIF on both transactions. Cushman & Wakefield represented Rockspring.
Source: Financial Communications