28 November 2014
Helical Bar plc ("Helical" or "Helical Bar" or the "Company")
HELICAL ANNOUNCES FURTHER CAPITAL RECYCLING ACROSS PORTFOLIO
Helical Bar today announces a number of disposals and acquisitions as it continues to take advantage of opportunities to recycle capital across its portfolio.
In total it has sold circa £38m of assets since 30 September 2014. The key details of the transactions are:
· Sutton in Ashfield Shopping Centre for £16.1m to Ellandi and a 70,000 sq ft retail parade in Basildon to Kames Capital for £9.65m. The sales were made at the September book value.
· A 29,000 sq ft vacant industrial unit in Rugby to an owner occupier for £1.5m, reflecting book value, and a multi let industrial estate in Slough for £0.9m, marginally above book value, to a private individual. Both assets were originally acquired as part of the Boss portfolio.
· An industrial unit in Leicester to LondonMetric for £5.2m in line with September book value, which the Company originally acquired as part of the Constellation portfolio.
· Botleigh Grange, an office in Southampton, to a private investor for £4.5m, at a price significantly above book value, as a consequence of securing a letting on the entire building.
The Company has also acquired circa £14m of new assets in two separate transactions. The key details are:
· The purchase of a single let distribution unit in Wolverhampton for £3.9m, representing an 8.75% NIY.
· The purchase of a 200,000 sq ft, twin unit distribution facility in Leighton Buzzard for £9.9m, reflecting a net initial yield of 8.0%.
Duncan Walker, Investment Director at Helical Bar commented:
"We have continued to be extremely active during a period that has been characterized by the strength of the investment market; this has seen us trading out of some properties and recycling the proceeds into assets where we believe we can generate greater ongoing value. In particular, over the last few months we have focused on smaller single let industrial properties which we have been able to acquire below their replacement value, offering an excellent opportunity for value growth."
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For further information, please contact:
Helical Bar plc Duncan Walker / Tim Murphy |
020 7629 0113 |
FTI Consulting Stephanie Highett / Dido Laurimore / Clare Glynn |
020 3727 1000 |
