TAMAR EUROPEAN INDUSTRIAL FUND LTD 
By ?
7 January 2013
Tamar European Industrial Fund ("TEIF" / the "Fund")
TAMAR EUROPEAN INDUSTRIAL FUND SELLS
ASSETS IN NORWAY AND FRANCE
Tamar European Industrial Fund today announces that it has sold an asset in Norway and one in France for a combined consideration of £2.8 million.
In Norway, the Fund has sold a 4,310 sqm light industrial building in Moss, 50 kilometres south of Oslo. The property is 37% let on short-term leases and benefits from a recently granted planning consent for residential redevelopment. The Fund has signed an unconditional agreement for the sale of the Special Purpose Vehicle which owns the asset at a base price of £2.48 million (NOK 22.34 million). Additional consideration may become due to the Fund dependant on the final number of residential units permitted on the site, with a potential for up to a further £0.66 million (NOK 6 million) becoming payable by the purchaser. The base price reflects a 4.4% premium to the September 2012 valuation. The purchaser is a Norwegian house builder and completion is due in February 2013.
In France, the Fund has sold a further vacant unit (comprising 864 sqm) at Torcy, 30 kilometres east of Paris. This follows the sale announced in December 2012 and is in line with the strategy to sell the vacant units at this asset. The sale price was £0.33 million (?0.4 million), reflecting a 2.75% premium to the September 2012 valuation, and the purchaser was an owner occupier.
Rob Brook, Managing Director of Tamar Financial Services Ltd, Investment Manager to TEIF, commented:
"The sale of Moss represents a satisfactory outcome for the Fund for an asset where alternative use value represented the most attractive exit and follows over 12 months of work to achieve the residential planning consent. This was the last remaining asset in the TEIF Norway portfolio and its sale means that we have now successfully disposed of circa 83% (by value) of our Scandinavian assets, in line with our stated investment strategy.
"The disposal of a further vacant unit at Torcy demonstrates the ongoing appetite amongst local owner-occupiers to acquire void space and active marketing of the remaining vacant units continues."
TEIF was represented by Catella Corporate Finance (Norway) and CBRE (France).
-ENDS-
For further information, please contact:
Stephanie Highett / Dido Laurimore / Daniel O'Donnell
FTI Consulting
Tel: +44 (0)20 7831 3113
This information is provided by RNS
RNS news service provided by Hemscott Group Limited.
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