Kenmore European Industrial Fund, a Guernsey registered closed-ended investment company focusing on industrial property assets in Western Europe and Scandinavia, had an adjusted net asset value per share of 79.8 pence at 31 December 2009.

This is down 28.8 pence from 108.6 pence at 31 December 2008 but up 0.6 pence from 79.2 pence at 30 September 2009.
 
During 2009 the fund sold 31 assets for GBP92.1m, generating a small profit (before disposal costs) against valuation.
 
The net gearing if all cash balances were applied would be 60.2 per cent.

Underlying portfolio values have decreased by 9.58 per cent over the year.

A further 0.75 pence dividend has been announced, bringing the total dividend announced in respect of 2009 to 1.50 pence per share.
 
Intensive asset management and ongoing leasing activity resulted in 61 new leases being signed and 88 leases being renewed representing over 140,000 square metres of space and GBP7.4m of gross annualised income.

Giles Weaver, chairman, says: “Over the past year, mainland European property markets have continued to see values reduce although the last quarter of 2009 showed a slight upturn. The board remains satisfied that, through the investment manager’s strong local network and specialist in-house property expertise, the fund maintains close links with tenants and both local and national markets and is well placed to consider and mitigate the impact of likely future adjustments.

“At 31 December 2009 the portfolio continues to have a strong defensive income profile. The key asset management focus for the coming year is centred on a highly proactive asset management approach by staying close to tenants and assisting them where possible as they deal with the prevailing economic climate.”