15th Apr 2014 08:24
LONDON (Alliance News) - Property investment and development firm Helical Bar PLC Tuesday said it has acquired a mixed-use portfolio of ten properties across England from IM Properties in a deal worth GBP40.2 million, reflecting a 8.4% net initial yield.
The portfolio, which has a total floor area of around 633,000 square feet, includes modern high bay logistics facilities in Burton on Trent, Daventry, Leicester, Rugby and Doncaster - all located close to major motorway networks.
Helical Bar said the logistics properties make up in excess of 80% of the portfolio by value, with the remainder consisting of regional and headquarter office space.
The aggregate annual rental income from the ten assets is GBP4.07 million and key tenants include National Grid, Next Group and JD Sports Fashion. The average weighted unexpired lease term is approximately 6.0 years to expiry and 3.8 years to break.
"This portfolio provides good cashflow and exposure to a market with strong occupational demand and limited new supply, while also providing us with opportunities to add income and capital value through letting up space and accretive asset management initiatives," Duncan Walker, investment director at Helical Bar said in a statement.
The stock was trading at 359.00 pence Tuesday morning, up 8.00 pence or 2.3%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
Copyright © 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
National GridHelical BarJD Sports