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Tamar Eur Ind Fund (TEIF)

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Monday 16 December, 2013

Tamar Eur Ind Fund

Extension to debt facility and asset sale

RNS Number : 6064V
Tamar European Industrial Fund Ltd
16 December 2013
 



16 December 2013

 

Tamar European Industrial Fund ("TEIF" / the "Fund")

 

TAMAR EUROPEAN INDUSTRIAL FUND ANNOUNCES EXTENSION TO DEBT FACILITY AND SALE OF AN ASSET IN SWEDEN

 

Tamar European Industrial Fund today announces that it has extended its debt facility with Deutsche Bank and Macquarie Bank (the "Banks") and has sold an asset in Sweden.

 

The Fund has completed an 18 month extension, put in place to run until 20 July 2015, to a €71 million loan provided by the Banks, secured against assets in France, Belgium and Holland.  The leverage, based on the bank's valuation, is 62% and the cost of funds, including the margin and cost of funds together with arrangement fees, is 7.66%. The debt has been hedged by way of a cap against interest rate movements. 

 

In Sweden, TEIF has sold a 2,963 sqm light industrial building in Angelholm, located on the west coast, approximately 200 kilometres south of Gothenburg.  The property is partially let to trade-counter operator Dahl, with around 48% currently vacant.  The gross asset price was £0.98 million, reflecting a net initial yield of 4.6%.  The price reflected a slight premium to the Fund's latest valuation.

 

Rob Brook, Managing Director of Patrizia Financial Services Ltd, Investment Manager to TEIF, commented:

 

"We are pleased to have obtained an 18 month extension to the loan. This extension to the current financing supports the strategy of the fund as it looks to exit assets through completing asset management initiatives before bringing them to market."

 

 

TEIF was represented by A & P Partners in the sale of the Swedish asset.

 

-ENDS-

 

 

For further information, please contact:

 

Stephanie Highett / Dido Laurimore / Nick Taylor

FTI Consulting

Tel: +44 (0)20 7831 3113


This information is provided by RNS
The company news service from the London Stock Exchange
 
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