18th Sep 2013 08:22
LONDON (Alliance News) - Helical Bar PLC said Wednesday that it would acquire the Quartz Portfolio of 10 properties from clients of Jones Lang LaSalle for GBP50 million.
Helical Bar will buy 10 single-let properties across the UK, with five retail and leisure assets, four office properties and one industrial asset. It said that in total the portfolio generates a total net rent of GBP4.2 million per annum. Helical said that at its purchase price, the annual yield of the properties is in excess of 8.0%.
Helical Bar will fund the acquisitions with existing cash resources and GBP31 million in bank debt from its facilities with RBS and Barclays.
Shares in the property investment company were trading up 1.1% at 287.75 pence Wednesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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