Kenmore's European Industrial Fund (KEIF), has acquired the European plant site and German headquarters of CompAir, a gas and air compression company, in Simmern, west of Frankfurt. KEIF paid UK commercial property investor London & Lothian EUR 14.2 mln for the property, reflecting a net initial yield of 7.02%. The property has a site area of 127,500 m[sup]2[/sup] and is let to CompAir on a long-term lease expiring in 2021. Following its admission to trading in September 2006, KEIF is now over 90% invested. The new acquisition follows its purchase of a Stuttgart warehouse and an adjacent office building leased to Daimler Chrysler in May, and is a further demonstration of Kenmore Property Group’s ongoing interest in Germany.
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