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LONDON, Nov 12 (Reuters) - UK-based real estate investor Kenmore Property Group has placed 21 companies within the group into administration, and two others into receivership, administrator Grant Thornton said on Thursday. Kenmore has secured funding from Lloyds Banking Group , enabling it to continue to trade while Grant Thornton explores the group's potential restructuring opportunities with stakeholders, the administrator said in a statement. Grant Thornton has also been appointed as administrator for a Kenmore-connected company, Kenmore Private Equity Ltd. "Our immediate objective is business as usual," said Rob Caven, a partner at Grant Thornton's Recovery and Reorganisation practice. Edinburgh-based Kenmore, which employs 50 staff, has invested in a number of property investment funds that own properties across the UK, Europe and Middle East. "While there will undoubtedly be some uncertainty at this time our plans for the continued trading of the Group should avoid any immediate disruption to the funds that are owned and/or managed by the Group," Caven said. The remaining property investment funds in which Kenmore has invested are not the subject of insolvency proceedings, it said. Kenmore manages about 1 billion pounds of investments in the UK, Europe and Middle East, and a substantial development pipeline, Grant Thornton said. (Reporting by Daryl Loo; Editing by Andrew Macdonald) (See www.reutersrealestate.com for the global service for real estate professionals from Thomson Reuters) Keywords: PROPERTY KENMORE/ (Reuters Messaging rm://daryl.loo.reuters.com@reuters.net; +44 (0) 20 7542 5228) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved.
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