Tamar European Industrial Fund has sold two assets in Belgium to a Belgian investor.

Tamar European Industrial Fund has sold two assets in Belgium to a Belgian investor.

The gross asset price of £12.4 mln (€15 mln) represents a net initial yield of 9.03%.

The larger of the two assets is located in Zaventem, close to Brussels Airport. It comprises a 19,097 m2 light industrial and office building let to 14 tenants with an occupancy rate of 83% and a weighted average period until next lease breaks of just over five years.

The second asset is located in Ternat, to the west of Brussels. It comprises a 12,377 m2 warehouse and office building. It is fully let to two tenants – ALD Automotive, on a lease with a first break in December 2017 and Spar Retail, with a six-month rolling lease.

Rob Brook, managing director of Patrizia Financial Services, Investment Manager to TEIF, commented: 'We have taken advantage of the increasing liquidity in the secondary markets to dispose of these two assets, which represented 65% of the Fund’s Belgian portfolio by valuation.'

TEIF was represented by JLL.