Business
Update on Transactions
Update on Transactions.
About this update from Helical Plc
[{"type":"text","content":"\n \nRNS Number : 0133K Helical Bar PLC 08 July 2011 \n \n\n8 July 2011\nHelical Bar plc (\"Helical\")\n \nHelical continues capital recycling programme\n \nIn line with its strategy of selling non-income producing assets or those with limited potential and recycling capital into investment opportunities, Helical Bar is pleased to announce that it has completed £42m of asset sales since the 31 March year end and made an acquisition in Basildon for £11.1m.\n \nAll disposals were undertaken at, or marginally above, the year end valuations. The competed sales are as follows;\n \n· An office investment in Southwark Street, London SE1 in an off-market sale to Dorrington plc for £19.5m\n· A portfolio of four industrial estates for £12.1m in Fleet, Glasgow, Hailsham & Blackwood, South Wales. The portfolio had a vacancy rate of 28%. Helical was represented by Tudor Toone\n· A retail property in the centre of East Grinstead for £5.85m\n· Three vacant industrial units in Southall, West London, for £1.117m\n· Eight units at Helical's retirement village in Liphook for £3.5m.\n \nIn addition, Helical has acquired 80-104 Town Square, Basildon for £11.1m, reflecting an 8% net initial yield. The retail block, with offices above, was acquired from DTZIM. Since acquisition, Helical has already agreed terms to regear three of the retail leases and completed new leases on two office suites. Tenants include JD Sports, Nationwide and T-Mobile. CWM acted for the vendor and Jones Lang LaSalle for the purchaser.\n \nJack Pitman, Investment Director at Helical Bar, commented:\n\"With a further £20m of sales under offer, in addition to the £42m completed since the year end, we are continuing to make good progress with our capital recycling programme. Having already acquired over £115m of properties since the start of this calendar year, including our latest acquisition in Basildon, we are confident that we will be able to deploy the equity from these sales into attractive, income producing assets where we can use our asset management skills to deliver future growth.\"\n\n\n \nFor further information, please contact:\n \nHelical Bar plc \nMike Slade \nTel: 020 7629 0113\n \nFina...