Business
Acquisition of Industrial Portfolio for ?30M
Acquisition of Industrial Portfolio for ?30M.
About this update from Helical Plc
[{"type":"text","content":"\n \nRNS Number : 0867P Helical Bar PLC 14 August 2014 \n \n\n \n14 August 2014 \nHelical Bar plc (\"Helical Bar\" or the \"Company\")\n \nHELICAL BAR ACQUIRES INDUSTRIAL PORTFOLIO FOR £30 MILLION \n \n \nHelical Bar today announces that it has acquired a portfolio of eleven industrial and distribution warehouse assets from a separate account client of Rockspring Property Investment Managers for a total consideration of £29.7 million, reflecting a net initial yield of 8.0%, excluding one vacant property in Rugby. The acquisition was funded through the Company's existing cash resources.\n \nThe portfolio, with a total floor area of circa 460,000 sq ft, comprises seven multi-let industrial estates located in Gloucester, Northampton, Milton Keynes, Bedford, Slough and Barking and four single let distribution warehouses properties in Bolton, Telford, Cardiff and Rugby.\n \nThe aggregate annual rental income of the eleven assets is £2.4 million and key tenants include Booker and Parcelpoint. The average weighted unexpired lease term is approximately 3.8 years to expiry and 3.0 years to break.\n \nDuncan Walker, Investment Director at Helical Bar, commented:\n\"This portfolio combines good cashflow with a number of asset management opportunities to re-gear and re-let the assets. Demand for high-quality, well-let logistics assets in the UK remains robust, driven by strong e-commerce and manufacturing trends, together with the lack of new supply.\n \n\"We are pleased to have deployed a substantial amount of the funds raised through the convertible bond into this transaction and hope to be able to announce further acquisitions soon as we continue to grow the portfolio.\" \n \nHelical Bar was advised by Lambert Smith Hampton; the vendor was advised by Strutt and Parker.\n \n \n- ENDS -\nFor further information, please contact:\n\n\n\n\nHelical Bar plc\nTim Murphy / Duncan Walker \n \n\n\n020 7629 0113\n\n\n\n\nFTI Consulting \nStephanie Highett / Dido Laurimore / Nina Legge\n \n\n\n020 3727 1000\n \n \n\n\n\n\n \n\nThis information is provided by RNSThe company news service from the London Stock Exchange END MSCEAXPDFFDLEFF\n ","length":4136,"tagName":"div"}]