Helical PLC Helical agrees over GBP50 Million of disposals (5070M)
24 Mayo 2022 - 1:00AM
UK Regulatory
TIDMHLCL
RNS Number : 5070M
Helical PLC
24 May 2022
24 May 2022
HELICAL PLC ("Helical"/the "Company")
HELICAL DISPOSES OF FINAL MANCHESTER BUILDING WITH SALE OF
TRINITY FOR GBP34.55M
Helical plc, a UK real estate investment trust (REIT)
specialising in the redevelopment and refurbishment of highly
sustainable, best-in-class London office buildings announces that
it has simultaneously exchanged and completed contracts on the sale
of Trinity in Manchester, to clients of Mayfair Capital, for
GBP34.55m (GBP590 psf), reflecting a net initial yield of 5%. The
sale represents a premium to book value, net of rental top ups.
Located in Manchester's prime city core, Helical acquired the
property in May 2017 for GBP12.9m and undertook a comprehensive
remodelling and refurbishment to deliver 58,533 sq ft of modern
office space across ground and seven upper floors. The property is
currently 76% let to eight occupiers.
Will Parry, Senior Property Executive at Helical, commented:
"This disposal again demonstrates our ability to successfully
repurpose and reposition assets to create best in class buildings.
This sale concludes the disposal of Helical's Manchester office
portfolio and the proceeds will now be recycled into new
opportunities in our core Central London market."
Mayfair Capital Investment Director, Phil Sturdy, commented:
" This asset matches our client's income requirement and
reflects our investment strategy of investing in high quality
buildings with good amenities, located in core markets, to deliver
our investors attractive, low-risk income returns. "
Helical plc was advised by TT&G Partners, Mayfair Capital
was advised by CBRE.
For further information please contact:
Helical
Gerald Kaye/Tim Murphy
Tel: 020 7629 0113
FTI Consulting
Dido Laurimore/Richard Gotla/Andrew Davis
Tel: 020 3727 1000
schelical@fticonsulting.com
Mayfair Capital
Phil Sturdy/Ned Pumphrey
Tel: 020 7495 1929
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END
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