Annual Report 2006 - Tamar European Industrial Fund

Property Portfolio
As at 31 December 2006
Property Country Initial Market % of Total Assets
Yield value (less Current
£’000s Liabilities)
Marshallweg 1, Veghel Netherlands 7.19% 22,825 7.3%
Svelvikveien 59B, Drammen Norway 6.85% 14,384 4.6%
Nieuwlandlaan, Aarschot Belgium 8.72% 10,908 3.5%
Brackler-Hellweg, Dortmund Germany 14.67% 9,426 3.0%
Leiraveien 13B, Skedsmo Norway 6.02% 9,101 2.9%
Croissy Beaubourg France 7.79% 8,867 2.8%
Östmarkveien 27, Oslo Norway 6.88% 7,788 2.5%
Banvakten 1, Borlange Sweden 5.37% 6,476 2.1%
Nanterre France 6.79% 6,363 2.0%
Vestvollveien 10, Skedsmo Norway 8.88% 6,338 2.0%
Ten largest property holdings 102,476 32.7%
Prof Birkelandsvei 36, Oslo Norway 7.93% 6,231 2.0%
Vikelvfaret, Trondheim Norway 7.80% 5,929 1.9%
Bry-sur-Marne France 9.03% 4,915 1.6%
John G. Mattesonsvei 4, Oslo * Norway 8.64% 4,829 1.5%
Holterkollveien 3, Frogn Norway 7.29% 4,681 1.5%
Runnenbergweg 12,14 / Talhoutweg 2, Vaassen Netherlands 9.38% 4,585 1.5%
Lisses Porges France 7.40% 4,558 1.5%
Bekkeveien 161, Stokke Norway 9.30% 4,550 1.5%
Industrielaan 9, Olen Belgium 9.49% 4,525 1.4%
Oostkaai, Merksem Belgium 10.22% 4,228 1.4%
Twenty largest property holdings 151,507 48.5%
Vastra 8, Helsingborg Sweden 11.32% 4,049 1.3%
Bois-Chaland, Lisses France 8.33% 4,033 1.3%
Combs La Ville France 6.48% 3,966 1.3%
Fontenay Neuilly France 7.92% 3,892 1.2%
St. Michel sur Orge France 7.93% 3,737 1.2%
Rue de L’Equerre, St Ouen l’Aumône France 8.04% 3,636 1.2%
Bredmyra 10-12, Sarpsborg Norway 8.47% 3,608 1.2%
Herblay France 8.31% 3,488 1.1%
Norrahammar, Jönköping Sweden 13.76% 3,470 1.1%
Neuilly Plaisance France 7.57% 3,461 1.1%
Thirty largest property holdings 188,847 60.5%
Other properties 99,008 29.5%
Price adjustment related to deferred tax liabilities (4,845) (0.1)%
Total property portfolio 283,010 89.9%
Other non-current assets and net current assets 31,984 10.1%
Total assets (less current liabilities) 314,994 100.0%
* Leasehold property
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Board of Directors
Giles Weaver (Chairman)
Aged 60, is currently Chairman of Charter Pan-European Trust PLC and Helical Bar PLC. He is a nonexecutive
director of Aberdeen Asset Management PLC, Gartmore SICAV, Anglo & Overseas PLC, Investec
High Income Trust PLC, Isotron PLC, James Finlay Ltd., ISIS Property Trust 2 Ltd. and Henderson Far East
Income Trust plc. He was formerly chairman of Murray Johnstone Ltd. and a director of Ivory & Sime PLC.
Jonathan Gamble
Aged 39, is currently a director of Asset Risk Consultants Limited, which provides investment consulting
services. He has worked professionally in London, Australia and Singapore as a dealer for Morgan Stanley
and Société Générale before moving to Guernsey. He serves on the boards of a number of companies.
Helen Green
Aged 44, is a chartered accountant and a partner in Saffery Champness, a UK top 20 firm of chartered
accountants. She joined the firm in 1984, qualified as a chartered accountant in 1988 and became a
partner in the London office in 1997. Since November 2000 she has been based in the Guernsey office
where she is a client liaison director responsible for trust and company administration. Helen serves on the
boards of a number of companies in various jurisdictions.
John Kennedy
Aged 55, has over 30 years’ experience in the property market. He is Chairman of Kenmore and has
worked professionally in Scotland, Australia and the West Indies. He qualified as a chartered surveyor in
1973, formed Kenmore Investments Limited 20 years ago and ran his own building company before turning
exclusively to commercial property trading, development and investment. He is a prior winner of Property
Week Personality of the Year and Entrepreneur of the Year.
Christopher Spencer
Aged 56. Christopher Spencer qualified as a chartered accountant in London in 1975. Following two years
post qualification work in Bermuda he moved to Guernsey. Mr Spencer, who specialised in audit and
fiduciary work, was managing partner/director of the Guernsey Practice of Pannell Kerr Forster (Guernsey)
Limited and Praxis Fiduciaries Limited from 1990 until his retirement in May 2000. Mr Spencer is a nonexecutive
Director of a number of hedge funds, funds of hedge funds and other investment and insurance
companies.
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