23rd Jul 2018 11:24
LONDON (Alliance News) - Helical PLC said Monday that it has acquired a former packaging warehouse in Manchester, England, for GBP16.5 million, reflecting a net initial yield of 5.3%.
The company has bought freehold of Fourways House located on Hilton Street in Manchester from a private individual. Fourways House provides 59,000 square feet of net internal area over basement, ground and five upper floors.
The Manchester building is fully income producing and is let to 26 tenants largely from the tech, creative and fashion industries, the company said.
The purchase of the property is in line with with Helical's strategy to be an office-led investment and development company focussed on London and Manchester. Following the deal, Helical will own five Manchester office assets providing circa 450,000 square feet of space.
Shares in Helical were trading 1.8% higher at 347.00 pence each on Monday morning.
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