Kenmore European Industrial Fund has reported a drop in the underlying real value of its property portfolio of 1.78% to EUR 568mln. At the end of the quarter the fund had debt levels representing gearing of 60% based on gross assets, well below the 70% gearing listed in the company's IPO prospectus. Kenmore’s adjusted net asset value closed at 121.9 pence per share, an increase of 0.3% over the first quarter and of 27.6% since admission in September 2006.
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