15th Oct 2015 08:46
(Correcting that Enterprise House is used by Network Rail but is not its London headquarters.)
LONDON (Alliance News) - Helical Bar PLC on Thursday said it has sold Enterprise House in Paddington, London W2, to a "private overseas buyer" for GBP43.0 million, with 70% of the proceeds to go towards paying down debt and the remainder to be used to invest in the company's portfolio.
At a 10% premium to book value, the sale price equates to a net initial yield of 4.04%. Enterprise House is part of a range of office space used by Network Rail in London.
"We are pleased to have sold Enterprise House, a mature asset in a strong location within Central London. This disposal enables us to capitalise on the strong London market, freeing up capital to deploy into our other London opportunities which will benefit from Helical's expertise in extracting latent value through development, refurbishment and asset management.
Shares in Helical Bar were up 1.3% at 423.54 pence on Thursday morning.
By Samuel Agini; [email protected]; @samuelagini
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