Helical Bar has acquired a mixed-use portfolio of 10 properties from IM Properties.
Helical Bar has acquired a mixed-use portfolio of 10 properties from IM Properties.
The price tag came to £40.15 mln (€48 mln), reflecting a 8.35% net initial yield. The acquisition will be funded through the company’s existing cash resources.
The portfolio, with a total floor area of circa 633,000 sq ft (58,800 m2), includes modern high bay logistics facilities in Burton on Trent, Daventry, Leicester, Rugby and Doncaster, all located close to major motorway networks.
The logistics properties constitute in excess of 80% of the portfolio by value, with the remainder comprising regional and headquarter office space. The assets provide over £4 mln in annual rental income, with tenants including National Grid Next Group, DHL and JD Sports Fashion. The average weighted unexpired lease term is 6.0 years to expiry and 3.8 years to break.
'We continue to find good value opportunities in an increasingly competitive market,' said Duncan Walker, investment director at Helical Bar. 'This portfolio provides good cashflow and exposure to a market with strong occupational demand and limited new supply, while also providing us with opportunities to add income and capital value through letting up space and accretive asset management initiatives.'
Helical Bar was advised by Tudor Toone; the vendor was advised by Franck-Steier Price.
