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PARIS-Kenmore European Industrial Fund has closed on a $84 million portfolio sale. The unnamed private investor secured the deal at a total cost 4% under the value determined during a March assessment. To sweeten the deal, KEIF gave the buyer a $9.1 million vendor credit facility to be utilized over the next two years.

“Following a quick succession of strategic disposals in the Paris region, this latest and most significant portfolio sale further consolidates the Fund’s program of exit from positions where it has already maximized ‘value-add’ active asset management initiatives, thereby deleveraging and de-risking its overall facility,” says Rob Brook, managing director.

“This successful strategy not only provides the headroom necessary to protect the portfolio against future market falls in value but also reduces its exposure to the French market from 44.2% to 34.8%, rebalancing its geographic weighting.”

KEIF’s Paris portfolio consists of 16 light industrial and warehouse properties and one office asset. Every property is located within the Paris limits. The private investor secured a 98% leased portfolio with 73 tenants, which include Getronics, INA, La Cornue, the FNAC and Hygena.

Earlier in the month, KEIF sold an additional industrial Paris property to a private investor for $2.7 million. The Les Ulis property totals 44,961 square feet in two fully-leased buildings. The sale is one more way KEIF has been working on refocusing its portfolio.

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