The Hindu Business Line : Kenmore Property plans India foray by 2008-09

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Kenmore plans commercial and retail real-estate projects in India
Expected to invest in India-focused real-estate fund from Indian Ocean Ventures

Kolkata June 12 Scottish real-estate giant Kenmore Property Group plans India foray by 2008-09. The company recently acquired a 20 per cent equity stake in Indian Ocean Ventures (IOV), an India-focused real estate advisory and co-investment firm with offices in London and Mumbai, for an undisclosed amount.

Mr Rob Brook, Managing Director and Head of Europe, Kenmore, confirmed the development to Business Line. "We have acquired 20 per cent stake in Indian Ocean Ventures to build up our knowledge base about India," Mr Brook said over phone from London.

"We are investigating several opportunities and by 2008-09 we plan to enter the Indian market," he added. In India, Kenmore plans to take up commercial and retail real-estate projects.

Mr Rohan Narse, Chief Executive Officer and managing partner of IOV, who is currently based in London, was not available for comment.

According to an industry source, Kenmore chose to invest in IOV as the latter is likely to set up an India-focused real estate fund, in which Kenmore would like to be a potential investor. Mr Narse is expected to relocate to Mumbai shortly, the source added.

Kenmore has a portfolio in excess of £1 billion across the UK and in France, Germany, Holland, Belgium, Sweden, Norway and Finland. The company has a development pipeline of nearly £675 million.

Kenmore operates in the commercial real estate segment including industrial, office and retail real estate.

According to information available on the Web, IOV provides advisory services to international property investors and developers and plans to develop real-estate assets in India through a consortium financing approach.

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