Helical Bar plc has acquired a portfolio of nine assets comprising 129 industrial and offices units for a cash consideration of approximately £50 million (approx. 59 mln.) from ING Real Estate Investment Management. The portfolio provides 550,000 ft² (51,000 m²) of industrial space and 70,000 ft² of offices, with around 85% of the portfolio by income located in London, the South East and East. The purchase price, reflecting a net initial yield of 9.3% (rent of circa £4.6 million per annum) will be funded by internal resources.
Duncan Walker, Senior Development Executive at Helical, said: "The portfolio provides a good spread of stable income and working stock in asset classes where we anticipate good yield shift and which already provide an attractive short term return on capital. The assets also provide us with good potential to enhance value through active debt and asset management."
Lambert Smith Hampton acted for Helical Bar and King Sturge advised ING Real Estate Investment Management.