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 sold two assets in London and Manchester realising gross sales proceeds of £51.05 million.
In Manchester, it has simultaneously exchanged and completed contracts on the sale of Trinity, to clients of Mayfair Capital, for £34.55 million (£590 psf), reflecting a net initial yield of 5.0%. 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 £12.9 million 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. Its sale concludes the disposal of Helical’s Manchester office portfolio.
In London, Helical together with its joint venture partner Baupost Group, has exchanged contracts to sell 55 Bartholomew Close to a private European investor for £16.5 million (Helical share £7.6 million). The sale price reflects a net initial yield of 4.5% and represents a premium to book value, net of rental top ups.
Originally three Victorian townhouses, the building was comprehensively refurbished to provide 10,976 sq ft of office space, over ground and five upper floors. It is let to five office tenants at an average rent of £72.17 psf, and currently has one vacant floor.
CEO of Helical
These sales demonstrate the ongoing attractiveness of best in class office developments for investors. The proceeds will be recycled into new value add opportunities in Central London, where we can use our skill to provide high quality sustainable building with strong amenity space which meet occupiers’ demands.
For further information:
Gerald Kaye / Tim MurphyHelicalTel 020 7629 0113
Dido Laurimore/Richard Gotla/Andrew DavisFTI ConsultingTel 020 3727 1000