It was announced today that the Kenmore European Industrial Fund had managed to raise £140m by completing an oversubscribed placing and offer for subscription. The Fund sold 140 million shares at the price of100 pence each.

Kenmore Financial Services Ltd will be the managers of the company.

They will invest in a "diversified portfolio of industrial properties located across Western and Northern Europe,' a statement read.

It was also announced that JP Morgan Cazenove had been appointed as the ongoing broker to the company.

In a statement, Rob Brook, Managing Director of Kenmore Financial Services Limited, said:

'With the placing now successfully completed and with a varied UK and European institutional and retail investor base, we look forward to ensuring that we capitalise on our experienced management team and our local presence on the ground to deliver our initial target dividend yield of 6% and create future income and capital growth through an intensive management programme.