Tamar European Industrial Fund, formerly known as Kenmore European Industrial Fund, has exchanged contracts to sell two warehouse and light industrial assets in Finland. The investment volume of EUR 20.7 mln reflects a net initial yield of 7.5% and is about 8% above the March 2010 valuation.
Tamar European Industrial Fund, formerly known as Kenmore European Industrial Fund, has exchanged contracts to sell two warehouse and light industrial assets in Finland. The investment volume of EUR 20.7 mln reflects a net initial yield of 7.5% and is about 8% above the March 2010 valuation.
The buyer is institutional investor OP-Henkivakuutus.
The larger of the two assets is located in Vantaa, Helsinki, in a prime logistics area close to the airport, and comprises 14,891 m2 of warehouse, production and office space. The smaller asset is located in Tampere, Finland's third largest city, and comprises 2,471 m2 of light industrial and office space.
Both assets are leased to a privately-owned Finnish company, Machinery. Following the addition of a 3,690-m2 extension to the Vantaa asset in 2008, the leases were re-negotiated, with a further five years being added to the fixed term to March 2023. TEIF was represented by Advium Corporate Finance.
This latest sale follows three recent disposals by TEIF in Sweden, Belgium and Holland for about EUR 8.8 mln.
