Last checked at 1 Feb 2011 07:00
1 February 2011
Helical Bar plc ("Helical")
Helical makes further progress with £23 million of transaction activity
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.
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 £16.1 million, representing a circa 8.5% initial yield.
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.
The Company is also pleased to announce the sale of the following assets from its portfolio generating combined proceeds of £6.5 m. They are:
·; The final units at Southampton Industrial Estate (developed by Helical in 2008) for £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.
·; Sale of the remainder of the Kidlington Industrial estate for £3 million to Milton. Tudor Toone advised Helical.
·; 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.
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."
For further information, please contact:
Helical Bar plc
Mike Slade
Tel: 020 7629 0113
Financial Dynamics
Dido Laurimore/Laurence Jones
Tel : 020 7831 3113