Helical benefits from portfolio recycling with over €84.9 mln of logistics transactions (UK)
Helical Bar announces six individual purchases and one portfolio sale of distribution and logistics assets, as it continues to rotate capital into high yielding investment opportunities.
Helical Bar has acquired six individual logistics warehouses for a total cost of £37.5 mln (approx. €52.9 mln) at a blended net initial yield of 7.8%. Totalling close to 700,000 ft² (approx. 65,000 m²) of space, the units are 100% let. One of the assets, located in Stevenage, was initially acquired vacant but Helical was able to complete a new lease with DSG Retail between exchange and completion of the purchase. The other assets are located in Stone, Bristol, and Alfreton.
Separately, Helical Bar has sold a portfolio of eight logistics assets to BMO Global Asset.
Management for £28.5 mln (approx. €40.2 mln) representing a net initial yield of 6.35%. Providing a total of 296,000 ft² (approx. 27,500 m²), the assets located in Barking, Maidenhead, Chichester, Gloucester, Gravesend, Milton Keynes, Northampton, and Bedford had all been acquired over the last 12 months through various portfolio acquisitions and provided a good opportunity for the Company to recycle capital into higher yielding stock.
Following these transactions Helical’s portfolio of logistics assets has grown to 33 assets and totals circa £200 mln (approx. €282 mln), representing approx. 17% of the Group’s total investment portfolio.