Kenmore Property Group, on behalf of its French Office Fund, has completed two new acquisitions for a total of €12 million.
The first comprises a 2,156-m² office scheme in Nantes, 'Le Saphir'. The building is being built by a national developer, Eiffage Immobilier Ouest, who was also the vendor, with completion due in April 2009. Blot Immobilier acted on behalf of Kenmore and the vendor.
The second investment is a 8,000-m² site in Montpellier, with planning permission for a 5,374-m² office scheme. Kenmore has appointed local developer, Helios Promotion, to carry out the works and completion is due in the first quarter of 2009. Kenmore purchased the site from Société d’Equipement de la Région Montpellieraine (SERM).
The Kenmore French Office Fund was created in March 2007 to acquire new office developments in French urban areas. It has already acquired projects in Rennes, Mulhouse, Poitiers, Lyon and Lille. The Fund has a target portfolio size of circa €100 million and is now almost 50 % invested.