Helical acquires Corby centre EUR 80m deal with Land Secs

UK REIT Helical Bar has acquired the freehold interest in land and buildings in Corby Town Centre from Land Securities Group for a total of £70 mln (EUR 80 mln), reflecting an initial yield of circa 8%.

The 25-acre freehold interest comprises Willow Place, a new 175,000 sq ft (16,000 m2) shopping centre completed in 2007 and anchored by Primark and TK Maxx; the 290,000 sq ft original Corby shopping centre; the 35,000 sq ft Oasis retail park, as well as a number of ancillary buildings and development land.

The purchase will be funded by a combination of bank debt and existing cash held within the business.

The acquisition brings the total of assets bought by Helical during 2011 to over £185 mln and will enhance Helical's net rental income by circa £4.3 mln.

CBRE acted for Helical and Savills acted for Land Securities.