LONDON-Edinburgh-based Kenmore Property Group has raised £45 million ($71 million) with the sale of a mixed-use portfolio to the Ashbourne Property Fund. The portfolio takes in office, retail and indistrial properties in 17 locations across the whole of the UK, including Newcastle; Inverness; Glasgow; Basingstoke; Wrexham; Colchester and Sunbury.

One of the larger lots was the Priory Walk shopping centre in Colchester, Essex. The 60,700-sf open air shopping mall has 21 units and tenants include C & J Clark; Sainsbury’s; Peacocks and Superdrug along with regional and local traders. The total current rent roll is £813,750 ($1.25 million) per annum.

Kenmore Chief Executive John Kennedy said: “We were finding it difficult nearly 12 months ago to find value in the market and have spent this time tidying up the existing portfolio and formalising some existing joint venture arrangements. To that end, Kenmore have in the order of £250 million to spend across all sectors in what should be interesting times ahead.”

The vendor was represented by King Sturge and the purchaser by Mason Phillips.

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