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1 Feb 2011 07:00
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1 February 2011
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Helical Bar plc ("Helical")
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Helical makes further progress with Β£23 million of transaction activity
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Helical Bar plc is pleased to announce a number of further transactions in the UK, continuing to fulfil its strategy to increase cash flow within the portfolio, sell non-income producing property and take advantage of value in the investment and development market.
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Following its purchase of Newmarket Shopping Centre, Helical has now exchanged contracts on the acquisition of Sutton-in-Ashfield Shopping Centre, Leicestershire from LaSalle Investment Management for Β£16.1 million, representing a circa 8.5% initial yield.
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Sutton-in-Ashfield is a freehold 140,000sq ft town centre scheme. Tenants include New Look, Superdrug, and Argos. Green and Partners advised the vendor, Savills advised Helical.
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The Company is also pleased to announce the sale of the following assets from its portfolio generating combined proceeds of Β£6.5 m. They are:
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Β·; The final units at Southampton Industrial Estate (developed by Helical in 2008) for Β£1.6 million to Minton Investments. Tudor Toone advised Helical Bar. The transaction completes the disposal of this entire estate following the sale in December of the Trade Counters to ING.
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Β·; Sale of the remainder of the Kidlington Industrial estate for Β£3 million to Milton. Tudor Toone advised Helical.
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Β·; Completion of the sale to Infiniti of a plot at S:Park Stockport where infrastructure works have now been completed and development can now commence.
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Duncan Walker of Helical Bar, said
"We continue to find good opportunities in a difficult investment market where stock picking is key. Recycling our equity to take advantage of wide yield spreads is significantly enhancing the cash flow of our business."Β
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For further information, please contact:
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Helical Bar plc
Mike Slade
Tel: 020 7629 0113
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Financial Dynamics
Dido Laurimore/Laurence Jones
TelΒ : 020 7831 3113
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