After months of looking Ive found another respected British company investing in German real estate - 'Kenmore' of Edinburgh.
The shares are in an entity called 'KENMORE EUROPEAN INDUSTRIAL FUND LIMITED' launched on 25/09/2006.

They trade on the LSE.

They have an existing portfolio across the UK, Holland, Belgium, Sweden, Norway & Finland.

They started investing in Germany in late 2005. They hold £70m assets in Germany with another £50m in the pipeline and £270m further planned.

STATS for Kenmore:

5 year ROE = 40% pa!!!!!!!!!!!!

33% pa growth in NAV

Thier EPIC is KEIF.L


I like firms that SEEK VALUE, unlike so many lazy British property companies almost all of whom pin all thier hopes on the magic money bag UK property market.

Hi DogBox.

I'd rather invest in bricks and mortar than shares. I have a fear that portfolio built up could be worth more than the 'fund' if things get tight back here in the UK. (People are more inclined to sell their shares and other assets than sell their home and downsize.)

I much prefer the Estonian fund on the other thread as the shares, while listed on the Channel Islands Stock Exchange, can not be bought or sold. The remuneration you get is directly linked to the proft made on individual projects. I hear that fund closes on the 11th of this month. Main downside, as you mentioned, is liquidity.

Kenmore are a reputable company and it does look like an interesting way to create a nice little spread. I've got the brochure (all 130 pages) but will probably only skim it. Initial thought on the spead is that it is biased towards France - though haven't read about where they plan to focus their acquisitions (other than the pipeline you referred to.)

Soup