Funds managed by Pictet Alternative Advisors and XLB Property have bought a £119m (€131.2m) UK office portfolio from Helical.

Helical said it has agreed to sell The Powerhouse Portfolio of three Manchester office assets to the funds.

The portfolio includes the fully-let The Tootal Buildings which Helical acquired in March 2014, the 35 Dale Street building acquired in March 2015 and currently, 96% let and the Fourways asset, which Helical acquired in July 2018 and is currently 73% let.

Matthew Bonning-Snook, Helical’s property director, said: “Having carried out significant enhancement of these assets during our period of ownership we feel the time is right to re-cycle the equity into new opportunities with our focus being on our core Central London market.”

Charlie Baigler, head of acquisitions, real estate at Pictet Alternative Advisors, said: “The quality and location of the assets ensures strong downside protection against the anticipated market volatility ahead.

“Our partnership with XLB Property ensures the highest standards in technology enabled property management, with a strong focus on ESG.”

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