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UK’s Kenmore Property Group Middle East Business Pushes Forward Following MBO

Kenmore East, formerly part of the UK's Kenmore Property Group which went into administration last month, has been bought successfully in an MBO led by Andrew White and has plans to launch a $300m GCC Fund end of Q1 2010 with the backing of an investor, a substantial UK property fund management business.

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December 15, 2009 12:00 by



Kenmore Property Group’s Middle East Business Pushes

Forward Following Successful MBO

 

Following the news of the UK’s Kenmore Property Group and Kenmore Investments Ltd being placed into administration and receivership respectively, the Kenmore Middle Eastern operation has now been sold to former Main Board Director Andrew White.

 

Andrew White and his team in Dubai, headed by Will Hean, Investment Director and General Manager of the Middle East business, have taken control of all elements of the Kenmore Property Group’s former business within the GCC region. This includes management of the Kenmore GCC Limited Partnership together with the Kenmore balance sheet assets. These eight ongoing projects are based in Abu Dhabi, Qatar and Dubai.

 

The MBO company is currently in negotiations with a substantial UK based property fund management business to take a majority shareholding in the new venture.

 

This investor will back the new business and complete the registration of a regulated Operator platform that White and Hean have been working on for the last 12 months and will then roll out a $300m GCC Property Fund. This is a joint venture with several members of one of the most prominent Qatari families which has considerable political and business influence within the wider GCC region.

 

The launch of the Fund, which is planned to be a fully Shari’ah compliant income driven vehicle, is targeted for end of Q1 2010. The main geographical focus will be Qatar, The Kingdom of Saudi Arabia (KSA) and Abu Dhabi with specific longer term strategic investment opportunities in Oman, Bahrain, Dubai and Kuwait.

 

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Kenmore Property Group’s Middle East Business Pushes

Forward Following Successful MBO

 

“We have already had significant interest from potential funding partners and investors both in Europe and the GCC who appreciate that the next two years will offer a number of interesting and well priced opportunities within the major growth economies of the GCC. We believe that the economic recovery in the key markets of Qatar, KSA and Abu Dhabi, which are all underpinned by major oil and gas revenues, will allow for continued government spending on extensive infrastructure projects and diversification. These economic drivers together with a significant demographic expansion in KSA we believe will drive the market over the next five years.

 

“The key to finding these opportunities is about having the right joint venture partners and agent relationships and over the last three years we have focused on forging these connections across the Gulf,” said White.

 

The Fund will concentrate on the acquisition of income generating stock together with a smaller proportion of development projects which will enhance the returns to the investors. Where possible these opportunities will be pre-let to reduce risk. White intends to fully utilize the Middle East team’s strong development and asset management skills to maximise returns from the existing portfolio and future projects.

 

The Fund is expected to be the first of a number raised by the new company which may include a Shari’ah complaint UK Property Fund for GCC investors, as well as a wider MENA Investment Fund and possibly further sector specific funds in due course.   

 

ENDS                                                                                    

 

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Kenmore Property Group’s Middle East Business Pushes

Forward Following Successful MBO

 

For further information please contact:

 

Sue Hean

Broadreach PR

E: [email protected]

W: www.broadreachpr.net

T: +971 50 4200486

 

Editor’s Notes:

 

Andrew White, Head of Middle East

 

Having graduated from Trent (Nottingham) Polytechnic with an honours degree in Urban Estate Surveying in 1985, Andrew joined Milton Keynes Development Corporation and spent a year completing his Royal Institution of Chartered Surveyor qualifications.

 

In 1987 Andrew joined Sunlife Properties based in Knightsbridge, London where he was responsible for all aspects of property investment, development and asset management across a diverse portfolio.  In 1989 he joined Hill Samuel Asset Management (part of Lloyds TSB plc) as Fund Manager for TSB Life, a small Life Fund, and then later on the £300 million Hill Samuel Property Unit Trust, where he was responsible for co-ordinating and implementing strategy in respect of acquisitions, sales and asset management, across the portfolio.

 

In 1998, Andrew joined Kenmore as Head of Investment and was promoted to main Board Director in 2000.  As Head of its UK activities until 2007, Andrew was in part responsible for the growth of Funds under management from £25 million in 1998 to over £1.9 billion by end Q1 of 2008. 

 

In 2006 Andrew was instrumental in setting up Kenmore’s Dubai office and now overseas Kenmore’s activities in the Middle East. 

 

Andrew is also a Member (Scotland) of the Investment Property Forum (IPF) and The Middle East Association. 

 

He is a member of the Royal Institution of Chartered Surveyors.

 

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Kenmore Property Group’s Middle East Business Pushes

Forward Following Successful MBO

 

Editor’s Notes:

 

 

Will Hean, Investment Director (Middle East)

 

Will graduated from Aberdeen University in 1988 with a Degree in Land Economy and worked for Edward Erdman Surveyors in London for four years being responsible for the acquisition, development and asset management of commercial and retail property in the South East of England.

 

In 1992 was appointed by Jones Lang Wootton in Hong Kong to undertake a development, investment and leasing role in the Commercial Team.

 

In 1995, Will returned to Scotland to head up the Scottish Commercial Team of Gooch and Wagstaff and in 1996 became a founding Director of Roxburgh and Company, a niche property investment and development consultancy which co-invested with clients and undertook an active asset management role on predominantly commercial and retail opportunities. The company was instrumental in the development and funding of some of Scotland’s largest retail and office schemes. 

 

Will joined Kenmore’s Dubai office in 2006 to expand their Middle East operations originally as Development Director before moving over to the role of Investment Director and is responsible for sourcing, appraising and purchasing investment and development opportunities for the group across the GCC.

 

He is a Member of The Royal Institution of Chartered Surveyors.

 

 

 

 

 

 

 



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