15 October 2015
Helical Bar plc ("Helical" or "Helical Bar" or the "Company")
HELICAL COMPLETES SALE OF ENTERPRISE HOUSE PADDINGTON, LONDON FOR £43 MILLION
Helical Bar announces the disposal of Enterprise House in Paddington, London W2, to a private overseas buyer for a total consideration of £43 million, a 10% premium to book value. The sale price represents a net initial yield of 4.04% and will be used to repay debt of £30 million with the balance retained for investment in the Company's portfolio.
Helical originally acquired the 45,000 sq ft Art Deco office asset in 2013 in a 20 year sale and leaseback transaction with Network Rail. The asset, which serves as Network Rail's London headquarters, had been comprehensively refurbished by Network Rail in the same year.
Duncan Walker, Helical Bar's Investment Director, commented:
"We are pleased to have sold Enterprise House, a mature asset in a strong location within Central London. This disposal enables us to capitalise on the strong London market, freeing up capital to deploy into our other London opportunities which will benefit from Helical's expertise in extracting latent value through development, refurbishment and asset management."
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For further information, please contact:
Helical Bar plc Duncan Walker / Tim Murphy |
020 7629 0113 |
FTI Consulting Dido Laurimore / Tom Gough / Clare Glynn |
020 3727 1000 |
