14th Oct 2013 08:02
LONDON (Alliance News) - Helical Bar PLC Monday said it has acquired Enterprise House near Paddington rail station in London through a sale-and-leaseback agreement with Network Rail Infrastructure Limited for around GBP31 million, representing a 5.7% net initial yield
Helical acquired the freehold interest of the 45,000 sq ft building using existing cash resources.
Network Rail, which has recently undertaken a comprehensive refurbishment of the building, has taken a 20-year leaseback of the building at a rent of GBP40 per square foot, generating an annual rental income of GBP1.8 million for Helical Bar.
The stock was trading at 296.25 pence Monday morning, up 1.25 pence or 0.4%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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