UK listed company Helical Bar has acquired Enterprise House in Paddington, London through a sale-and-leaseback agreement with Network Rail Infrastructure.
UK listed company Helical Bar has acquired Enterprise House in Paddington, London through a sale-and-leaseback agreement with Network Rail Infrastructure.
Helical acquired the freehold interest of the 4,180 m2 (NIA) building for £31 mln (€36 mln), representing a 5.7% net initial yield. The purchase was funded from the company’s existing cash resources.
Network Rail, which has recently undertaken a comprehensive refurbishment of the Art Deco building, has taken a 20- year leaseback of the building, generating an annual rental income of £1.8 mln.
Helical completed the transaction within five days of agreeing terms, with advice from Jaro Real Estate.
Kingly Partners acted for Helical. Jones Lang LaSalle advised Network Rail.
