Helical Bar has exchanged contracts to acquire the Quartz Portfolio from overseas private clients of Jones Lang LaSalle for £50 mln (€60 mln), reflecting a yield of over 8.0%.
Helical Bar has exchanged contracts to acquire the Quartz Portfolio from overseas private clients of Jones Lang LaSalle for £50 mln (€60 mln), reflecting a yield of over 8.0%.
The 10 single-let properties in the portfolio are located across the UK and consist of five retail and leisure assets, totalling over 90,000 sq ft (8,300 m2); four office properties, totalling 195,000 sq ft; as well as one industrial asset of 147,000 sq ft.
The portfolio has an average weighted unexpired lease term of 14 years to expiry and 12 years to break. In total, the portfolio generates a total net rent of £4.16 mln, with five of the properties offering fixed rental increases.
The purchase will be funded using existing cash resources and £31 mln of bank debt from Helical’s existing facilities with RBS and Barclays.
Jones Lang LaSalle acted for the vendor, Lambert Smith Hampton advised Helical Bar.
