Ambitious White buys out Kenmore's Middle East assets

Published on Monday 14 December 2009 20:26

FOLLOWING the collapse of a large part of Kenmore Property into administration last month, yesterday saw the first buy-out of its remaining assets.

Andrew White, head of Kenmore's Middle East operation, has acquired the assets of the group's operations in Dubai, Abu Dhabi and Qatar for an undisclosed sum.

In 2008, Kenmore announced it had projects in the Middle East with a "gross development value" of 171.6 million, although the assets purchased cost the group closer to 5m. These included rights to develop 180 serviced apartments on the Waterfont in Dubai, a massive development project currently put on hold by troubled property firm Nakheel.

The MBO, which includes investment director Will Hean, has been backed by an as yet unnamed UK property fund manager.

Yesterday, White also unveiled ambitious plans to launch a $300m (184m) GCC (Gulf Co- operation Council) Property Fund alongside the prominent al Attiyah family of Qatar.

White said: "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, Saudi Arabia 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."

Several companies owned by Kenmore Property were put into administration and receivership last month by the group's main lender, Lloyds Banking Group.

The assets in the Middle East were not backed by debt and were not included as part of this.