KEIF Kenmore Euro

    RNS Number : 9887F
  Kenmore Euro Industrial Fund Ltd
  16 October 2008
   

    16 October 2008


    Kenmore European Industrial Fund ("KEIF"/ "Fund')

    KENMORE EUROPEAN INDUSTRIAL FUND ANNOUNCES 
    SALE OF GERMAN ASSET AND LETTING

    Kenmore European Industrial Fund is pleased to announce that it has unconditionally notarised the sale of an industrial site in
Dortmund, Germany for a total consideration of 
EUR2.3 million. The transaction is due to complete next month. In addition KEIF has secured a long-term letting on its industrial estate in
Simmern, at a rent of EUR57,000 per annum.

    KEIF has entered into an agreement to sell an asset located at Brackeler Hellweg 305 - 315, Dortmund, comprising a total of 153,762 sq
ft (14,285 sq m) and set within a 35 acre site, to Rewe Dortmund Gro*handel eG.  

    At Argenthaler Strasse 11, in Simmern, KEIF has secured a letting to CompAir Drucklufttechnik GmbH ("CompAir") for a new 9,042 sq ft
(840 sq m) design and build specialist manufacturing site which is an extension to their existing 20,000 sq m facility.  The property will
house the production of a new product "Quantima" for blue-chip clients of CompAir.  Construction works for the new assembly facility
completed in August 2008.  KEIF has committed EUR450,000 in funds to finance the project, in return for a rent of EUR57,000 per annum on a
lease expiring in 2021.  

    Rob Brook, Managing Director of Kenmore Financial Services Limited, commented:

    "This disposal and letting are in line with our ongoing strategy to de-gear the Company, whilst simultaneously rolling out a steady
operation of active asset management initiatives on those properties that have yet to reach their full investment potential.

    "It is noteworthy that the Dortmund sale will be sold at valuation as at end June 2008 whilst the letting at Simmern produces a
development yield of over 10%." 

    -ENDS-


    For further information, please contact:

    Denise Hamilton, Marketing Manager, Kenmore Financial Services Limited
    0131 226 9000
    denise.hamilton@kenmore.co.uk  

    Stephanie Highett / Olivia Goodall, Financial Dynamics
    Tel: 020 7831 3113





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