Tamar European Industrial Fund sells further Norwegian asset (NO)

Tamar European Industrial Fund today announces that it has sold the Special Purpose Vehicle (SPV) which owns an asset at Disenaveien, Skarnes, Norway, for a net consideration of £3.17 million (€3.82 mln./28.65 million NOK) to a private investment company specialising in the industrial sector. The sale price reflects a net initial yield of 10.1%.

The asset, which comprises a 4,290 m² warehouse dating from the early 1980s, is located 75 kms north east of Oslo. It is currently fully let to a single SME (small and medium sized enterprises) tenant on a lease expiring in December 2018.

Rob Brook, Managing Director of Tamar Financial Services Ltd, Investment Manager to TEIF, commented: "Including those assets which are currently under offer to be sold, the Fund has now sold 45% of its Nordic assets by value and the overall asset pricing shows a 4.7% premium to the September 2011 valuation, prior to discounting for tax.

"In total, 10 Nordic assets remain and, for those where there are no further 'value add' initiatives, marketing efforts continue. However, it is clear that the tightening of the debt markets is hindering potential purchasers and transaction momentum is slower. In the meantime, the assets continue to generate solid income."

DNB acted on behalf of TEIF.

Source: FTI

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