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 (approx. €3.8 million).
In Norway, the Fund has sold a 4,310 m² 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 (approx. NOK 22.34 million; €3 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 (approx. NOK 6 million; €0.8 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 m²)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.