Last checked at 15 Dec 2010 07:00
15 December 2010
Helical Bar plc ("Helical")
Helical completes in excess of £40m of transactions in the UK
Helical Bar plc is pleased to announce a number of transactions in the UK, in line with its strategy to increase cash flow within the portfolio and take advantage of value in the investment market.
Helical has exchanged contracts for the acquisition of Newmarket Shopping Centre, Suffolk from the administrators for £17.75 million, representing a circa 8% initial yield. Tenants include Marks and Spencer, Peacocks, and Argos. Allsops and CBRE advised the vendor, Lunson Mitchenall advised Helical.
The Company has also disposed of the following assets from its portfolio:
·; Sale of 2-4 Eastcheap, part of the F3 Portfolio, to Mayfair Capital Property Unit Trust for £9.5 million at a 6% net initial yield. Lambert Smith Hampton advised Mayfair and Ingleby Trice advised Helical
·; Exchanged contracts on the sale of Sawston Trade Park, another property from the F3 portfolio, to the Howard Group for £5.4 million at an 8% net yield. Helical were unrepresented, Bidwells advised the purchaser
·; Sale of Southampton Trade Park (developed by Helical) for £4.8 million to ING. Tudor Toone advised Helical Bar
·; Disposal of the final unit in Oxford, another office and industrial estate which Helical developed
·; Disposal of the final unit at Lime Tree Village (retirement village)
·; Exchanged contracts on the sale of non-income producing land at Southall for £3 million. Completion is due in March 2011.
Mike Slade, CEO of Helical Bar, said
"These transactions complement our strategy of increasing cash flow within the portfolio, taking advantage of value in the investment market and selling non income producing property.
"The proceeds from these disposals, together with the new equity from our recent successful placing, give us the additional firepower to take advantage of the compelling opportunities we continue to see in the market."
For further information, please contact:
Helical Bar plc
Mike Slade
Tel: 020 7629 0113
Financial Dynamics
Dido Laurimore/Laurence Jones
Tel : 020 7831 3113