Business
HELICAL SELLS CARDIFF INVESTMENT FOR £55M
HELICAL SELLS CARDIFF INVESTMENT FOR £55M.
About this update from Helical Plc
[{"type":"text","content":"\n \nRNS Number : 0599F Helical PLC 15 May 2017 \n\n \nHELICAL AGREES SALE OF CARDIFF'S MORGAN QUARTER FOR £55 MILLION\n \nHelical plc has sold The Morgan Quarter, in Cardiff, to LaSalle Investment Management, for £55 million. The sale price is in line with Helical's March 2016 book value and reflects a net initial yield of 5.9% and a reversionary yield of 6.9%.\n \nHelical acquired the former David Morgan Department Store and two Victorian arcades in 2005. Since then it has undertaken a substantial value enhancing refurbishment programme, delivering more than 300,000 sq ft of high-quality, award-winning, retail and office space which is let to a number of established retailers and local businesses including White Stuff, Jack Wills, Urban Outfitters and Molton Brown. The Creative Quarter offices were awarded two BCO awards in 2017. An additional 56 residential apartments were built above the retail space and have since been sold. \n \nDuncan Walker, Investment Director, Helical commented: \"This significant sale, at an attractive yield, represents the eighth retail asset we have sold since March 2016. In line with our continued repositioning of the portfolio through value-enhancing disposals, our retail investments now comprise just a small number of retail warehouses. Our intention is to recycle the majority of the proceeds of this disposal into our London portfolio.\" \n \nHelical was advised by JLL; the purchaser by Savills\n \nFor further information please contact:\n\n\n\n\nHelical \n\n\n\n\n\n\n\nDuncan Walker / Tim Murphy\n\n\nTel: 020 7629 0113\n\n\n\n\n\n\n\n\n\n\n\n\nFTI Consulting \n\n\n\n\n\n\n\nDido Laurimore/Tom Gough/Richard Gotla\n\n\nTel: 020 3727 1000\n\n\n\n\n \n\nThis information is provided by RNSThe company news service from the London Stock Exchange END DISOKBDDABKDPPD\n ","length":3640,"tagName":"div"}]