Last checked at 8 Jul 2011 07:00
8 July 2011
Helical Bar plc ("Helical")
Helical continues capital recycling programme
In line with its strategy of selling non-income producing assets or those with limited potential and recycling capital into investment opportunities, Helical Bar is pleased to announce that it has completed £42m of asset sales since the 31 March year end and made an acquisition in Basildon for £11.1m.
All disposals were undertaken at, or marginally above, the year end valuations. The competed sales are as follows;
·; An office investment in Southwark Street, London SE1 in an off-market sale to Dorrington plc for £19.5m
·; A portfolio of four industrial estates for £12.1m in Fleet, Glasgow, Hailsham & Blackwood, South Wales. The portfolio had a vacancy rate of 28%. Helical was represented by Tudor Toone
·; A retail property in the centre of East Grinstead for £5.85m
·; Three vacant industrial units in Southall, West London, for £1.117m
·; Eight units at Helical's retirement village in Liphook for £3.5m.
In addition, Helical has acquired 80-104 Town Square, Basildon for £11.1m, reflecting an 8% net initial yield. The retail block, with offices above, was acquired from DTZIM. Since acquisition, Helical has already agreed terms to regear three of the retail leases and completed new leases on two office suites. Tenants include JD Sports, Nationwide and T-Mobile. CWM acted for the vendor and Jones Lang LaSalle for the purchaser.
Jack Pitman, Investment Director at Helical Bar, commented:
"With a further £20m of sales under offer, in addition to the £42m completed since the year end, we are continuing to make good progress with our capital recycling programme. Having already acquired over £115m of properties since the start of this calendar year, including our latest acquisition in Basildon, we are confident that we will be able to deploy the equity from these sales into attractive, income producing assets where we can use our asset management skills to deliver future growth."
For further information, please contact:
Helical Bar plc
Mike Slade
Tel: 020 7629 0113
Financial Dynamics
Dido Laurimore/Laurence Jones
Tel : 020 7831 3113