UK investor-developer Helical Bar has carried out a number of acquisitions for a total of £90 mln (€115 mln) as it continues to recycle capital across its portfolio.
UK investor-developer Helical Bar has carried out a number of acquisitions for a total of £90 mln (€115 mln) as it continues to recycle capital across its portfolio.
The transactions were carried out using the company’s existing cash resources and involved the Sun and Mint Portfolios, which were acquired from Aberdeen Asset Management for £46.6 mln. The purchase price represents a net initial yield of 7.9%.
The Sun Portfolio comprises three single-let units and two multi-let industrial estates delivering a total lettable area of 266,200 sq ft (25,000 m2). The portfolio provides 11 units currently fully let to nine tenants, with a weighted average unexpired lease length of 5.95 years to expiry. Key tenants include Edmundson Electrical and Encon Insulations.
The Mint Portfolio comprises three established retail warehouses and five high street retail assets. The retail warehouses provide 132,500 sq ft of space and are located in Leigh, Peterlee and Stoke on Trent. Key tenants include B&Q, Lidl and Poundstretcher.
In addition, the 4:2 Portfolio was acquired from Ignis for £22.1 mln reflecting a net initial yield of 8.3%. The portfolio comprises four office properties located in Cheadle, Southampton, Bristol and Uxbridge delivering a total area of 82,179 sq ft, and two industrial properties located in Chichester and Warrington offering a further 125,000 sq ft of space. Helical has already sub-sold the Southampton office for £3.46 mln, marginally above the acquisition price.
Helical has also completed on two single-asset purchases, the B&Q Warehouse in Ellesmere Port, Cheshire for £5.33 mln from Threadneedle reflecting a net initial yield of 7.1%, and the London Road Retail Park in Southend-on-Sea for £15.7 mln from the receivers acting for RBS, reflecting a net initial yield of 7.1%.