Sale of Shopping Centre

28 Feb 2007 17:02

Helical Bar PLC28 February 2007 28 February 2007 HELICAL BAR PLC HELICAL BAR SELLS GARDEN SQUARE SHOPPING CENTRE IN LETCHWORTH Helical Bar has sold its leasehold interest at the Garden Shopping Centre inLetchworth to Vale Retail, in joint venture with Tyburn Lane Private Equity, for£37.55 million reflecting a net initial yield of 4.3% and an equivalent yield of5.9%. The 164,740 sq ft (15,305 sq m), open format shopping centre is arranged overone trading level and located in a prime pitch area with main entrances ontoLeys Avenue and Eastcheap. Key anchor tenants include Marks & Spencer SimplyFood, Woolworths, Iceland and Peacocks and the passing zone A rental valuesrange between £22 and £67.25 per sq ft (£237 and £724 per sq m). Helical will reinvest the proceeds from the sale in a variety of newtransactions. Helical has obtained planning consent for a variety of asset management anddevelopment opportunities within the scheme which the new purchasers intend toexploit, including the conversion of a vacant office building to create 31apartments. Savills acted for Helical Bar whilst Tyburn Vale, the JV purchaser, wasrepresented by Capital Retail. -ENDS- For further information, please contact: Helical Bar plcMichael Brown Tel: 0207 629 0113 Financial DynamicsDido Laurimore Tel: 020 7831 3113 This information is provided by RNS The company news service from the London Stock Exchange