Kenmore Property Group, one of the UK's most active commercial property companies, has opened its first German office in Berlin, headed by Daniel Herrmann who has been appointed its managing director.
Kenmore has been active in the German market since early 2005, recognizing the attraction of low borrowing costs and contra-cyclical pricing opportunities. Following a number of acquisitions, Kenmore now has approximately €140 million of assets under management in Germany and is seeking to increase the volume of its investments. By having a presence on the ground, Kenmore believes it will be better placed to build on its existing relationships and help continue to build the portfolio by sourcing new opportunities.
Daniel Hermann's main responsibility will be to build up the investment business but he will also head up a wider team responsible for general asset management and development, expanding on Kenmore's track record of acquiring, developing and repositioning commercial property.
Rob Brook, managing director of Kenmore, comments: "By opening an office in Berlin, Kenmore has committed itself strongly to the German market and we intend to increase our regional presence in the future. Our strength lies in the reliable execution of transactions and the quick value optimisation of the properties which we have acquired. We currently have over €300 million of German property under consideration and continue to target opportunities with a focus on key second tier cities which are forecast to benefit the most in relative terms from the recovery in the German economy."
Berlin-born Daniel Herrmann adds: "The most important task for me is to follow up our previous transactions in Germany and strongly expand our business here. I am confident that we will grow swiftly in an exciting market."
Before joining Kenmore, Herrmann, who is a qualified chartered surveyor (MRICS), worked for Hansainvest in Hamburg where he was in charge of acquisitions and disposals of properties.
Kenmore's European property portfolio grew from €330 million to €600 million in 2006 and is predicted to break through the 1bn mark this year. Worldwide, Kenmore currently has €2.2 billion assets under management.