Kenmore Property Group has sold a portfolio of assets in Norway to Close EuroPiP for a total of NOK 680 million (ca. €86.2 mln.). The portfolio, which comprises a total of 14 mixed commercial assets, generates a total annual income of NOK 49 million (ca. €6.2 mln.).
Sold on behalf of the Kenmore European Industrial Fund ("KEIF"), Kenmore Europe, a joint venture with HBoS and Revcap and the Adam II Fund, the portfolio included two properties on behalf of KEIF, 11 properties on behalf of Kenmore Europe and one property on behalf of Adam II. The portfolio is located in the Greater Oslo region of Norway.
Rob Brook, Managing Director of Kenmore, commented: "The sale of this portfolio has allowed us to free up some capital to recycle in seeking further opportunities for investment in the area. We are committed to extending our presence in the Nordic region and will continue to acquire assets where we see opportunities to increase value through actively managing the assets."