Last checked at 24 Jul 2013 07:00
24 July 2013
Helical Bar plc ("Helical" or "Helical Bar")
HELICAL COMPLETES FORWARD FUNDING OF RETAIL AND LESIURE ASSET
IN MILTON KEYNES
-In addition, disposes of retail asset at Clydebank Shopping Centre-
Helical Bar today announces that its joint venture with Abbeygate Developments (the "JV") has completed the forward funding of their retail and leisure scheme, Leisure Plaza, Milton Keynes, with Aviva Investors' Lime Property Fund for circa £40 million. The transaction reflects a headline yield of 4.25%.
Under terms of the transaction, the JV will re-develop the entire Leisure Plaza scheme to provide an 80,000 sq ft supermarket, which has been pre-let to Morrisons on a long lease. The scheme also includes a refurbished ice rink facility and a site with Open A1 planning consent for two retail warehouse units, totalling 33,000 sq ft. The supermarket is due to be completed in August 2014.
In addition, Helical has sold its long leasehold interest in the Asda supermarket at its Clydebank Shopping Centre to Aviva Investors for £12.15 million, reflecting an initial yield of 5.15%.
Jack Pitman, Investment Director at Helical Bar said: "Both these transactions are a clear illustration of our strategy of creating institutional grade product through asset management and then releasing our equity so that we can recycle the proceeds into new opportunities."
In both transactions Wilkinson Williams advised Helical Bar and Abbeygate Developments and Strutt and Parker advised Aviva Investors.
-ENDS-
For further information:
Helical Bar plc Jack Pitman
| 020 7629 0113 |
FTI Consulting Dido Laurimore Stephanie Highett Nina Legge
| 020 7831 3113 |