Tamar European Share Discussion Threads

[scburbs] 01/6/2010 15:40

Very positive news. They have sold 7-8% of the portfolio since March and net debt will probably be down to just over 55% LTV. This should make refinancing a lot easier and increases the robustness of the NAV. If they can refinance on reasonable terms, let the swap liability tend to zero and increase the dividend to establish TEIF as a high yield income play then it should re-rate to closer to NAV. The interest rate margin on the new debt will be key to this.

[affc21] 01/6/2010 15:18

And another two property sales to the value of €20,700,000 at 8% above the March 2010 valuation:

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01.06.2010.

TAMAR EUROPEAN INDUSTRIAL FUND SECURES
SALE OF TWO FINNISH ASSETS

Tamar European Industrial Fund is pleased to announce that it has exchanged on the sale of two warehouse and light industrial assets in Finland to institutional investor OP-Henkivakuutus Oy for a net price of €20,700,000, reflecting a net initial yield of approximately 7.5%. The price is approximately 8% above its March 2010 valuation.

[affc21] 27/5/2010 19:24

SKYSHIP - your welcome, was not sure if you or anyone else were going to create a BB thread for TEIF, but it would have been fine by me if you had created it.

I will try and keep the header updated as and when I can.

[skyship] 27/5/2010 19:04

affc21 - thnx for that - was going to do likewise but pleased to find you had done so.

[affc21] 27/5/2010 18:01

Billionaire entrepreneur Joe Lewis has bought a 20.93% stake in TEIF (previously KEIF) through his Brockland company on 13 April 2010:





Tamar Capital (who are the investment managers of TEIF) is ultimately owned by the family trusts of Joe Lewis.

[affc21] 27/5/2010 16:50

King Sturge's European Industrial Markets Report 2010
26.03.10

"Modern warehouse facilities within key logistics hubs linked to the larger sea ports and airports, as well as locations with enhanced multi-modal capabilities should out-performover the recovery period."

[affc21] 27/5/2010 16:48

Knight Frank's European Logistics and Industrial Report 2010
13.04.10

Though prime logistics rents fell across Europe over 2009 in line with weak demand, the few deals that were done tightened supply - a trend expected to continue over 2010 due to the scarcity of speculative development.

Knight Frank's report gives an occupational and investment overview of the industrial market across Europe looking at factors such as the destination of industrial investment, the movement of yields and busiest cargo ports.

[affc21] 27/5/2010 16:48

TAMAR EUROPEAN INDUSTRIAL FUND
FIRST QUARTER FACTSHEET FOR PERIOD TO 31 MARCH 2010:


Highlights:
– Adjusted Net Asset Value increased by 1.4% from 31 December 2009.
– One property disposed of in the period to 31 March 2010 for total sales proceeds of £3.9 million, with two further sales in April 2010 for
£4.3 million.
– 19,930 sqm of new leases signed representing 3.99% of gross income and 21,877 sqm of lease renewals representing 4.45% of gross income.
– Current portfolio yield has increased to 7.40% with occupancy by ERV increasing to 86.97%.


Key statistics as at 31 March 2010:
Adjusted NAV 80.9 pence
Gross property value GBP 296.9m
Debt GBP 194.6m
Cash GBP 17.7m
LTV (net of cash) 59.6%


Company Performance Overview:
The Company's Net Asset Value ('NAV') at 31 March 2010, adjusted to
add back deferred tax, was 80.9 pence per share. This represents an
increase of 1.4% over the equivalent NAV at 31 December 2009.

The table below sets out the movement in the adjusted NAV in the
quarter:
Pence per share
Adjusted NAV at 31 December 2009 79.8p
Movement in portfolio valuations (0.2p)
Retained profits for the period 1.8p
Movement in mark to market of derivatives (0.1p)
Foreign exchange movements (0.3p)
Movement on deferred tax compensated for at acquisition (0.1p)
Adjusted NAV at 31 March 2010 80.9p


Portfolio Value:
The value of the portfolio as at 31 March 2010 (excluding the impact of
acquisitions, disposals and exchange rate movements) increased by 0.15%
to £296.9 million (€332.7 million) over the quater. The total number of
assets held in the Fund's portfolio as at 31 March 2010 was 73.


Market:
Investment activity within Europe remained relatively strong in the first
quarter of 2010, totalling €20bn in direct transactions, however total
volumes reflected a 20% decline quarter-on-quarter. This decline is in line
with the typical slowdown in the first quarter of a calendar year, which on
average is normally some 20-30% below the previous quarter.

Germany, France and Sweden were the strongest investment markets
in Continental Europe in terms of Q1 volumes and each recorded an
increase in transaction volume compared to the previous quarter
(Source: Jones Lang LaSalle).

Despite a fragile economic recovery, business confidence is generally rising
and with an increase in equity seeking yield, demand for real estate from
core investors is driving down yields. Prime warehousing yields recorded
compression in a large number of markets. In Q1 2010 the Jones Lang
LaSalle European weighted average yield index showed weighted prime
net initial office yields at 5.70%, retail unit shop yields at 5.60% and
warehousing yields at 7.80%.

Occupier demand for distribution warehousing space in Europe remained
in line with the levels recorded in 2009, however sentiment has strongly
improved in the first months of 2010 with a number of markets reporting
an increase in enquiries. Improving economic prospects and growth in
world trade is expected to sustain accelerating occupier demand in the
later part of the year.

The Fund's performance reflects these underlying general market trends,
with both value and occupancy beginning to show signs of improvement.
A combination of diversification and strong asset management makes it
well placed to benefit from further market improvements.


Active Asset Management:
Occupancy as at 31 March 2010 increased marginally to 86.97% by ERV.
Total new leases signed during the period represented 3.99% of the
Fund's gross income (19,930 sqm of total area) and total tenants vacating
represented 6.76% of the Fund's gross income (34,295 sqm) giving net
absorption of -2.14%. Tenants retained represented 4.45% of the Fund's
gross income (21,887 sqm).


Financing:
As at 31 March 2010, the Fund had debt levels representing gearing, on
total property value of 65.5%. If all cash balances within the Fund were
to be applied to reduce the drawn debt facilities it would reduce gearing
to 59.6%. The Board continues to monitor this whilst continuing
discussions with its lenders to secure longer term financing solutions.
Furthermore, the Company had interest rate swaps in place for 98% of its
drawn debt, at a weighted average rate of 3.77% for a weighted average
period of 1.4 years.

[affc21] 27/5/2010 16:48

Tamar European Industrial Fund Limited ('TEIF') is a Guernsey registered, limited liability, closed-ended, investment company.

The fund was established to invest in industrial real estate assets primarily across Western and Northern European jurisdictions, excluding the UK.


(updated 01 December 2010)

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Tamar European Industrial Fund website:


TAMAR EUROPEAN INDUSTRIAL FUND
FIRST QUARTER FACTSHEET FOR PERIOD TO 31 MARCH 2010:



News (RNS) articles:


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Usefull info (under previous name of: Kenmore European Industrial Fund (KEIF)):

Kenmore European ADVFN BB:


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