Disposal
April 20 2010 - 12:40PM
UK Regulatory
TIDMKEIF
RNS Number : 5110K
Kenmore Euro Industrial Fund Ltd
20 April 2010
20 April 2010
Kenmore European Industrial Fund ("KEIF"/ "Fund')
KENMORE EUROPEAN INDUSTRIAL FUND COMPLETES
SALE OF SWEDISH ASSET
Kenmore European Industrial Fund is pleased to announce that it has sold a light
industrial asset in Fyllinge, to the south of Gothenburg, Sweden, to a private
investor for a net price of GBP3,452,750 million (SEK 38,000,000) after
deduction of an allowance for latent capital gains tax. The net sale price is
1.4% above the property's December 2009 valuation.
The 69,385 sq ft (6,446 sq m) light industrial property has recently been let in
its entirety to a local government sector tenant on a five year lease, following
the departure of the previous tenant and a minimal void period. In order to
re-let the unit KEIF proactively undertook capital expenditure to the asset,
which has been reflected in its increased rent. The sale price reflects a net
initial yield of 8.8% ignoring the impact of the additional rent for these
works.
This latest KEIF sale follows the two recent disposals of 243,062 sq ft (22,581
sq m) of vacant assets in Belgium and Holland for circa EUR5.35 million.
Chris Pope, Director of Tamar Capital Partners, Investment Manager to KEIF,
commented:
"This sale is another demonstration of successful active asset management, with
a re-letting to a good covenant creating an attractive investment proving again
the value of a strong local presence in all of KEIF's jurisdictions."
-ENDS-
For further information, please contact:
Dido Laurimore / Olivia Goodall, Financial Dynamics
Tel: 020 7831 3113
This information is provided by RNS
The company news service from the London Stock Exchange
END
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