UK property developer Helical has exchanged contracts to sell The Magnus Portfolio of 20 logistics assets in the UK to real estate funds managed by Blackstone and M7 Real Estate for £150 mln (€170 mln).
The 2.27 million sq ft (210,000 m2) nationwide portfolio, comprising 17 single-let and three multi-let assets, was accumulated by Helical through portfolio and individual acquisitions in 2014 and 2015.
The price achieved marks a 14% premium to September 2017 book value and the net proceeds will be used to reduce debt and annual finance costs, the vendor said in a statement.
The sale brings to an end Helical's investment in the logistics sector, said Tom Anderson, senior investment executive at Helical. 'The price achieved reflects the structural shift towards e-commerce, strength of occupier demand, shortage of supply and rental growth prospects.'
Helical was represented by Tudor Toone and LSH. Blackstone/M7 was represented by DTRE.
