Kenmore European Industrial Fund announces that it has sold the Villas Porfolio, comprising six multi-let buildings situated in the Paris region, to a private investor for a total consideration of 14.5 million, reflecting a price which is just under 5% below the December 2008 Fund valuation.
The portfolio of office and light industrial buildings provides a total area of 14,895 m². It is approximately 90% let to over 40 tenants, primarily on 3/6/9-year leases.
This latest KEIF asset sale follows the recent disposals of Houthalen II in Belgium and Dortmund in Germany.
Rob Brook, Managing Director of Kenmore Financial Services Limited, commented: "This sale demonstrates that liquidity remains for small lot size, good quality, well-managed assets. KEIF purchased the portfolio between 2006 and 2007 and, through a proven, highly successful formula of active asset management, has maintained its high level of occupancy and well-diversified tenant base providing it with a secure income stream.
"Kenmore has negotiated a good sale price and will use the proceeds to further de-gear its portfolio, in-line with its current de-risked strategy."
Atisreal advised Kenmore on this disposal.