Disposal

 

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: [phone] 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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