Friday, December 16, 2023
Europe helps Kenmore Property to double turnover to £129m
Kenmore Property, the fast-growing property empire of Edinburgh-based John Kennedy, has reported a near-doubling of turnover to £129m as it continues to use joint ventures to leverage its expertise.
Pre-tax profit was unchanged at £11.8m, after an interest bill more than doubling to £21m, but revaluations of investment and joint venture properties have added £8.1m to recognised gains, giving an increase of two-thirds to £17.9m.
Kennedy said: "We see great potential in Europe and we have already experienced not only realised profit but revaluations of quite a significant nature."
A portfolio of 92 supermarkets in Sweden, Kenmore's second new territory after France, was sold during the year, and the group is now also invested in Norway, Holland, Belgium, Germany and Finland, with a focus on industrial warehousing.
Pre-tax profit was unchanged at £11.8m, after an interest bill more than doubling to £21m, but revaluations of investment and joint venture properties have added £8.1m to recognised gains, giving an increase of two-thirds to £17.9m.
Kennedy said: "We see great potential in Europe and we have already experienced not only realised profit but revaluations of quite a significant nature."
A portfolio of 92 supermarkets in Sweden, Kenmore's second new territory after France, was sold during the year, and the group is now also invested in Norway, Holland, Belgium, Germany and Finland, with a focus on industrial warehousing.
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