Helical sells two retail malls in €38m disposal

UK investor-developer Helical Bar has sold two UK shopping centres and other assets totalling £38 mln (€48.4 mln) as it continues to recycle capital across its portfolio.

Helical sold Sutton in Ashfield Shopping Centre to Ellandi for €20.5 mln and a 6500 m2 retail parade in Basildon, Essex for €12.3 mln to investment management company Kames Capital.

An Industrial unit in Leicester was sold to LondonMetric for €6.6 mln, while Botleigh Grange, an office in Southampton acquired as part of its Constellation portfolio, was sold to a private investor for €5.7 mln.

Helical also disposed of a vacant 2,690 m2 Industrial unit in Rugby for €1.9 mln and a multi-let Industrial estate in Slough for €1.15 mln. Both were originally acquired as part of the Boss portfolio.

All the sales took place since 30 September. The company has also acquired €17.8 mln of new assets in two transactions during the same period.

Helical acquired a single let distribution unit in Wolverhampton for €5 mln, representing a net initial yield of 8.75%, and an 18,600 m2 twin unit distribution facility in Leighton Buzzard for €12.6m at 8.0%.

Duncan Walker, investment director at Helical Bar commented: 'Over the last few months we have focused on smaller single let industrial properties which we have been able to acquire below their replacement value, offering an excellent opportunity for value growth.'