Kenmore European Industrial Fund today announces that it has completed on the sale of its Les Ulis asset, 8 Avenue du Parana, located in the southwestern suburbs of Paris to a private investor, for 1.86 million, reflecting a price approximately 1% above the March 2009 valuation.
The multi-let, light industrial estate asset comprises 4,177 m² arranged across two buildings, dating from the 1970s. It is fully let to four tenants, including a subsidiary of Plastic Omnium. Following the departure of DHL, a major tenant at the building, in June 2007, Kenmore has undertaken extensive asset management initiatives on this asset to secure full occupation.
Rob Brook, Managing Director of Kenmore Financial Services Limited, commented: "This latest disposal to a private investor at a price above valuation builds on the Fund's strategy to capitalise on value-adding asset management initiatives to raise proceeds which can then be used to further de-gear and de-risk its position."
BNP Paribas Real Estate acted on behalf of KEIF.