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Kenmore Breaks Into French Industrial Market

LONDON-Kenmore has made its first purchases outside the UK, investing almost euro 30 million ($32 million) in standing industrial investments and a pre-let warehouse in the Ile de France Region. And it claims to have a pounds 100 million war chest to acquire a substantial French industrial portfolio.

By Graham Parker | Updated on February 16, 2003

LONDON-Kenmore has made its first foray into continental Europe with the €25 million ($27 million) purchase of a portfolio of eight French industrial estates from MMI Industries. The properties are all located in the Ile de France region, focussed on the Francilienne and the A86 orbital road routes around Paris.

The portfolio comprises approximately 430,000 ft2)sf of industrial space let to 49 tenants. The current income totals approximately €2.715 million ($2.9 million) which provides a 10% net initial yield.

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