Commercial Property News

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Monday, May 08, 2023

Kenmore Property Group's profits rise helped by Europe

Kenmore Property Group has announced interim profits of more than 10 million on the back of a major expansion in its portfolio.

In the six months to 31 January, the group made a profit of 10.08m, as the value of the portfolio it manages increased by more than 200m to 865m. The profit is around 85 per cent of Kenmore's total profit in 2005.

Kenmore said its European portfolio, which makes up around 40 per cent of its investment, was driving profit growth. Scandinavia became the biggest market outside the UK for the company during the period, with the acquisition of a new unit in Norway as part of its new HBOS European portfolio and a warehouse group in Sweden.

Later in the year the group will further strengthen its place in the region with an office in Stockholm, with plans for other offices in Germany and Dubai later in the year.