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Disposal

2 Sep 2009 11:48

RNS Number : 4015Y
Helical Bar PLC
02 September 2009
 



September 2009

Helical Bar plc

HELICAL BAR SELLS REX HOUSE, LONDON SW1 FOR £34 MILLION

Helical Bar plc ("Helical" or the "Company") has sold its short leasehold interest in Rex House, 4 - 12 Regent StreetLondon SW1 to the freeholders, The Crown Estate, for a cash consideration of £34 million. 

Rex House provides approximately 91,000 sq ft of office accommodation fully let to Russell Systems, Robert Half, Right Management and LA Leisure.

The sale price, reflecting an initial yield of 12%, on a head lease with 26 years remaining, is 8% below the last valuation carried out in March 2009. The net proceeds will be used to reduce bank loans and gearing.

Gerald Kaye, Director of Helical, said:

"Following the acquisition of Rex House in 2000, and its subsequent redevelopment for combined cost of £22m, we have enjoyed substantial rental cash flows. Our leasehold interest was declining in value as the unexpired term got shorter and we are happy to have sold this interest to the freeholder."

James Cooksey, The Crown Estate, said;

"We are delighted to have made this acquisition which reinforces our stated strategy of focusing on our core holdings, The St James Estate and Regent Street Portfolio's. The investment generates an attractive income return following a period of successful lettings by Helical Bar plc."

Agents acting for The Crown Estate: BH2.

Ends 

Enquiries:

Helical Bar plc

Tel: 020 7629 0113

Nigel McNair Scott

Financial Dynamics

Tel: 020 7831 3113

Stephanie Highett / Laurence Jones

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
DISSSWFSESUSELU
Date   Source Headline
8th Jun 20177:00 amRNSDirector/PDMR Shareholding
25th May 20177:00 amRNSHELICAL'S LONDON PORTFOLIO CONTINUES TO DELIVER
16th May 20177:00 amRNSHELICAL ACQUIRES MANCHESTER OFFICE FOR £12.9M
15th May 20177:00 amRNSHELICAL SELLS CARDIFF INVESTMENT FOR £55M
31st Mar 20177:00 amRNSLETTING AT 25 CHARTERHOUSE SQUARE
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12th Sep 201610:24 amRNSNotice of Results
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28th Jul 20169:27 amRNSChange of Name and Board Changes
26th Jul 201610:27 amRNSResult of AGM - Replacement

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