KEIF Kenmore Euro

RNS Number:5768W
Kenmore Euro Industrial Fund Ltd
15 May 2007

15 MAY 2007



Kenmore European Industrial Fund Limited



KENMORE EUROPEAN INDUSTRIAL FUND CONTINUES TO EXPAND PORTFOLIO BY ACQUIRING Euro47
MILLION OF NEW PROPERTY ACROSS FIVE EUROPEAN COUNTRIES



Kenmore European Industrial Fund Limited ("KEIF"/ the "Company"), a Guernsey
registered closed-ended investment company focusing on industrial property
assets in Western Europe and Scandinavia, is pleased to announce the acquisition
of a further three industrial portfolios comprising over 55,000 sqm (590,000
sqft).  Totalling Euro47 million (#32.2 million), the deals reflect Kenmore
Property Group's ability to source good value properties with considerable asset
management potential across its core markets.

The properties are:

Machinery Portfolio, Finland:  Building upon Kenmore Property Group's track
record of being one of Finland's largest private property landlords, KEIF has
acquired six fully let semi-industrial properties from Machinery OY Finland for
Euro22.1 million, representing a net initial yield of 7.24%. The portfolio totals
19,500 sqm (210,000 sqft) and is located in and around the Helsinki area.
Machinery OY Finland is retaining a ten year sale and leaseback arrangement on
the properties. The site also includes permission for 20,000 sqm (215,000 sqft)
of unused building rights.  Comreal acted on behalf of KEIF.

Sindelfingen, Germany: Following the opening of Kenmore Property Group's Berlin
office earlier this month (May 2007), KEIF has secured the purchase of two
warehouse and ancillary office buildings comprising 10,944 sqm (117,800 sqft) in
Sindelfingen, near Stuttgart, in Germany.  Currently let to Daimler Chrysler,
the deal reflects a net initial yield of 7.50%.  The site also includes a future
development site of 6,300 sqm (67,800 sqft). Angermann acted on behalf of KEIF.

Kungsbacka, Sweden: In a further expansion of its broadening portfolio in the
Nordics, KEIF has purchased a single industrial building in Kungsbacka, 25 kms
south of Gothenburg, one of the fastest growth areas in Sweden from Obsidian for
Euro13.73 million.  The 24,235 sqm (260,800 sqft) building is let to a wide range
of tenants.  The deal represents a net initial yield of 7.03 %. The site also
has the potential to accommodate a further 2,500 sqm (26,900 sqft) of new build.

Commenting on the acquisitions Rob Brook, Managing Director, Kenmore Property
Group, property adviser to KEIF, said:

"KEIF continues to expand its European portfolio across all its core markets and
this is reflected in our ability to source good quality stock at the right
price.  Access to the expanding skills, experience and local knowledge of our
professional teams in Kenmore Property Group's European offices, including our
new offices in both Berlin and Stockholm provides a further platform for us to
build the portfolio and source future opportunities.



"Since KEIF started trading last September we have purchased over Euro123 million
(#85 million) of new properties resulting in the Fund now being over 85%
invested and putting us firmly on track to invest the balance of the Fund within
12 months of launch."

For further information please contact:


Kenmore Property Group Limited                          +44 (0) 20 7629 4480

Rob Brook


Financial Dynamics                                      +44 (0) 20 7831 3113

Stephanie Highett / Dido Laurimore








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