Tamar European Industrial Fund has announced that it has sold an industrial warehouse asset in the Lyon region for 1.4 million. In a separate transaction on the same asset, a parcel of land was sold simultaneously to the local authority for 22,000.
The property is located in Pontcharra-sur-Turdine, to the northwest of Lyon, and comprises 4,150 m² of accommodation, let to a single tenant on a lease with three-and-a-half years remaining. The purchaser was one of the two sub-tenants of the property.
At the same time as the two sales, the main tenant of the property paid TEIF a surrender premium of 100,000 and therefore the total proceeds from the transactions was 1.522 million, which represents an increase of almost 6% above the latest valuation.
Rob Brook, Managing Director of Tamar Financial Services Ltd, Investment Manager to TEIF, commented: "This represents a successful exit, involving three separate transactions, through which TEIF has maximized the value from a non-core asset, which was relatively illiquid in the current investment market."