Helical plc announces that is has exchanged contracts to sell The Magnus Portfolio of 20 logistics assets to real estate funds managed by Blackstone and M7 Real Estate for £150m. The 2.27m sq ft nationwide portfolio, comprising 17 single-let and three multi-let assets, was accumulated through portfolio and individual acquisitions in 2014 and 2015. The price achieved is a 14% premium to September 2017 book value and the net proceeds will be used to reduce debt and annual finance costs.
Tom Anderson, Senior Investment Executive at Helical, said: “This is a significant sale for Helical, bringing to an end our investment in the logistics sector. 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.