Helical Bar announced a number of disposals and small asset acquisitions as it continues to take advantage of opportunities to recycle capital across its portfolio.
The Company has acquired circa £44.3 mln (€61 mln) of new assets across a number of transactions.
The key details are: Chart House, an office building in Shoreditch acquired for £6.3 mln (€8.6 mln), with planning consent in place to add an additional floor to the building. The Company intends to implement the consent upon getting vacant possession in 2018. Another acquisition is Dale House, a 42,000 ft² (3,901 m²) office building in Manchester's Northern Quarter.
High yielding logistics and light manufacturing facilities acquired in four separate transactions: Havant for £3 mln (€4.1 mln) a 7.5% yield; Hinckley for £9.5 mln (€13 mln), a 7.75% yield; Cannock for £5.1 mln (€7 mln) a 7.75% yield. In addition it has acquired a unit in Stevenage for £5.65 mln (€7.7 mln), which has vacant possession.
In total the Company has sold circa £135.9 mln (€187 mln), since Christmas, which includes £113.5 mln (€155 mln)(Helical share) from the sale of shopping centers in Corby and Clydebank. In total, the sales have been completed at an aggregate 6% premium to book value.
Duncan Walker, Investment Director at Helical Bar commented: "These recent purchases demonstrate our continuing ability to find value within the market, blending higher yielding income deals with more asset management intensive opportunities for capital gain. They also mark a significant fleet of foot between sectors, as demonstrated by our large investment into distribution and light manufacturing, as well as a movement into out of town retail assets. We are particularly pleased to have found another opportunity in London where we aim to have c.50% of the portfolio long term. We are confident that we will be able to capitalize on further latent value."
Source: Helical Bar