Last checked at 15 Apr 2014 07:00
15 April 2014
Helical Bar plc ("Helical Bar" or the "Company")
HELICAL BAR ACQUIRES MIXED-USE PORTFOLIO FOR £40 MILLION
Helical Bar today announces that it has acquired a mixed-use portfolio of ten properties from IM Properties for a total consideration of £40.15 million, reflecting a 8.35% net initial yield. The acquisition will be funded through the Company's existing cash resources.
The portfolio, with a total floor area of circa 633,000 sq ft, includes modern high bay logistics facilities in Burton on Trent, Daventry, Leicester, Rugby and Doncaster, all located close to major motorway networks. The logistics properties constitute in excess of 80% of the portfolio by value, with the remainder comprising regional and headquarter office space.
The aggregate annual rental income from the ten assets is £4.07 million and key tenants include National Grid Next Group, DHL and JD Sports Fashion. The average weighted unexpired lease term is approximately 6.0 years to expiry and 3.8 years to break.
Duncan Walker, Investment Director at Helical Bar, commented:
"We continue to find good value opportunities in an increasingly competitive market. This portfolio provides good cashflow and exposure to a market with strong occupational demand and limited new supply, while also providing us with opportunities to add income and capital value through letting up space and accretive asset management initiatives."
Helical Bar was advised by Tudor Toone; the vendor was advised by Franck-Steier Price.
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For further information, please contact:
Helical Bar plc Tim Murphy / Duncan Walker
| 020 7629 0113 |
FTI Consulting Stephanie Highett / Dido Laurimore / Nina Legge
| 020 3727 1000
|