Last checked at 10 May 2010 10:38
10 May 2010
Helical Bar plc ("Helical")
Helical Bar plc acquires industrial and office portfolio from ING Real Estate Investment Management
Helical Bar plc has acquired a portfolio of nine assets comprising 129 industrial and offices units for a cash consideration of approximately £50 million from ING Real Estate Investment Management.
The portfolio provides 550,000 sq ft of industrial space and 70,000 sq ft of offices, with around 85% of the portfolio by income located in London, the South East and East. The purchase price, reflecting a net initial yield of 9.3% (rent of circa £4.6 million per annum) will be funded by internal resources.
Michael Slade, Chief Executive of Helical, said:
"This is the second major purchase we have made in the last six months bringing our total acquisitions to £120 million in this period. We will continue to seek out opportunities which offer good value at this stage in the cycle, particularly properties which provide both strong income and considerable asset management opportunities."
Duncan Walker, Senior Development Executive at Helical, said:
"The portfolio provides a good spread of stable income and working stock in asset classes where we anticipate good yield shift and which already provide an attractive short term return on capital. The assets also provide us with good potential to enhance value through active debt and asset management."
Enquiries:
Nigel McNair Scott
Helical Bar plc 020 7629 0113
Financial Dynamics 020 7831 3113
Stephanie Highett/Dido Laurimore/Laurence Jones