Kenmore European Industrial Fund (KEIF) has sold two Norwegian properties to Close Euro PIP for NOK 118.7 mln (EUR 14.8 mln). The transaction reflects a net initial yield of 6.7% and was done at a price above the last valuation of 30 September 2007. The properties consist of a 9,750 m[sup]2[/sup] industrial unit in Stokke and a 7,992 m[sup]2[/sup] industrial unit in Sarpsborg.
Kenmore European Industrial Fund (KEIF) has sold two Norwegian properties to Close Euro PIP for NOK 118.7 mln (EUR 14.8 mln). The transaction reflects a net initial yield of 6.7% and was done at a price above the last valuation of 30 September 2007. The properties consist of a 9,750 m2 industrial unit in Stokke and a 7,992 m2 industrial unit in Sarpsborg.
Jones Lang LaSalle and Akershus Eiendom advised KEIF while King Sturge acted for Close Euro PIP.
Rob Brook, managing director of Kenmore Property Group, KEIF's Investment manager, commented: 'An important part of our strategy is to identify opportunities to recycle capital once we have undertaken our asset management initiatives and where we can achieve good sales values. The disposal of these two assets at a price above the last book value clearly illustrates this strategy.'
