Tamar European Industrial Fund has sold a property in Sweden for £7.94m. The property is a 25,000 sq m warehouse located in Kungsbacka (south of Gothenburg) let to Blondie Logistics and Santa Maria AB. The sale price equates to an initial yield of 11.0%. This was 1.6% below the last valuation for the asset in Tamar’s accounts. The purchaser was a Swedish investor and Tamar European Industrial Fund gave the buyer a ten month vendor loan of £0.9m to help the purchaser fund the deal.
After this transaction, Tamar will have just one other Nordic asset and the deal is part of a strategy to exit these markets completely.