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(Alliance News) - Property developer Helical PLC on Thursday said it has sold Power Road Studios to an undisclosed private UK investment manager for GBP41.6 million.
Power Road Studios - acquired by Helical in 2015 - is a 57,164 square feet multi-let office campus in Chiswick, London. It is currently 84% let and generates a contracted annual rent of GBP2.2 million.
The sale price marginally exceeds the March 31, 2019 valuation and reflects a net initial yield of 4.8%, Helical said.
"This disposal is in line with our clear strategy of selling non-core assets and realising proceeds which we can recycle into new value add and development opportunities in our core central London markets," said Tom Anderson, senior investment executive at Helical.
Helical shares were trading 3.8% lower at 470.00 pence each on Thursday afternoon in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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