Monday, 14 July 2014
Helical Bar plc sells trio of asset in South East nets Helical Bar £37 million (UK)
Helical Bar today announces that it has sold three assets in Suffolk and Buckinghamshire in the South East of England for a combined total of nearly £37m (approx. €46 million). The assets were each sold above book value, which in aggregate represented a 6.9% premium.
Helical has exchanged on The Guineas Shopping Centre in Newmarket, Suffolk for a consideration of £18.235m (approx. €23 million) to Ignis Asset Management.
Helical acquired the 110,000 ft² (10,219 m²) shopping centre in 2011 from administrators acting for Lloyds Bank and since then has undertaken a concentrated programme of asset management to improve the appearance and performance of the centre.
Also near Newmarket, Helical has completed on the sale of its 53% stake in a 64,000 ft² (5,945 m²) research and development facility in Fordham, to a UK institution for £15.865m (approx. €20 million). The asset was held in a joint venture with Dencora Estates Ltd.
Lastly, Helical has completed on the sale of its 50% stake in Luminous House, Milton Keynes, to a private investor for £2.6m (approx. €3,5 million).
Duncan Walker, Investment Director at Helical, commented: “The South East property market is going from strength to strength with sustained demand from both investors and occupiers for high quality buildings across all asset classes.
“The sale of The Guineas in particular illustrates the benefits of our ongoing asset management programme. Having concluded a cosmetic refurbishment, and rectified a number of management issues as a result of the administration process, the asset is once again firmly institutional.
Source: FTI Consulting