16. Juli 2012 
Print
Print
Tamar Fund sells in Norway and Belgium
Tamar European Industrial Fund announces that it has secured two further sales in Norway and Belgium for a total consideration of £16.48 million.
The first sale is an asset located in Drammen, 40 kms to the south west of Oslo, comprising a logistics warehouse of 18,352 sqm. The property is fully let, with 90% of the rent secured by two Norwegian subsidiaries of Toyota on recently-signed leases which expire at the end of 2020. The transaction achieved a gross sale price of £15.65 million (NOK 148.35 million), prior to discounting for tax, reflecting a net initial yield of just over 8.5% and a 6.1% discount to the March 2012 valuation. The purchaser was an investor represented by a Norwegian equity syndicator.
The second sale comprises two further units at Sint-Pieters-Leeuw, an industrial estate in Belgium, a continuation of the unit-by-unit sales strategy which the Fund commenced in the second half of 2011. The two units, which were circa 50% vacant, have been sold to an owner occupier for £0.83 million (€1.05 million), which is a significant premium to valuation. These recent disposals mean that 83% of the units at the industrial estate have now been sold, with only two units remaining.
Furthermore, TEIF announces a substantial letting at an asset in Trappes, France, situated 24 kms to the south west of Paris. The Fund has let a 10,000 sqm warehouse to German fork-lift truck manufacturer Jungheinrich on a six year firm lease. The asset, which was purchased opportunistically with vacant possession at the end of 2011, will now be marketed for sale.
Union acted on behalf of TEIF on the Norwegian disposal and West Real Estate on the Belgian sale. BNP Paribas Real Estate acted on behalf of TEIF on the French letting.
The first sale is an asset located in Drammen, 40 kms to the south west of Oslo, comprising a logistics warehouse of 18,352 sqm. The property is fully let, with 90% of the rent secured by two Norwegian subsidiaries of Toyota on recently-signed leases which expire at the end of 2020. The transaction achieved a gross sale price of £15.65 million (NOK 148.35 million), prior to discounting for tax, reflecting a net initial yield of just over 8.5% and a 6.1% discount to the March 2012 valuation. The purchaser was an investor represented by a Norwegian equity syndicator.
The second sale comprises two further units at Sint-Pieters-Leeuw, an industrial estate in Belgium, a continuation of the unit-by-unit sales strategy which the Fund commenced in the second half of 2011. The two units, which were circa 50% vacant, have been sold to an owner occupier for £0.83 million (€1.05 million), which is a significant premium to valuation. These recent disposals mean that 83% of the units at the industrial estate have now been sold, with only two units remaining.
Furthermore, TEIF announces a substantial letting at an asset in Trappes, France, situated 24 kms to the south west of Paris. The Fund has let a 10,000 sqm warehouse to German fork-lift truck manufacturer Jungheinrich on a six year firm lease. The asset, which was purchased opportunistically with vacant possession at the end of 2011, will now be marketed for sale.
Union acted on behalf of TEIF on the Norwegian disposal and West Real Estate on the Belgian sale. BNP Paribas Real Estate acted on behalf of TEIF on the French letting.
