18th Feb 2015 07:54
LONDON (Alliance News) - Helical Bar PLC Wednesday said it has continued to "rotate its portfolio" over the last few months, having sold and acquired new investment assets, while management says it expects further upside in the London market.
The property investment and development company said it made a number of changes to its portfolio in the three and a half months to February 17, including GBP160 million of sales, mostly of shopping centres and high street retail assets, as well as the purchase of over GBP133 million of new investment assets. New investments have included distribution units, retail warehouses, regional offices and London offices.
"The period has been characterised by further successful rotation out of our shopping centres and into regional logistic facilities and offices. We remain very committed to London through development and new acquisitions such as Charterhouse Square and see further upside in this market," said Chief Executive Michael Slade in a statement.
The company said it has seen significant asset management activity with very strong rental growth continuing in London.
Helical Bar said it has purchased over GBP225 million of investment properties since the start of its financial year, in five portfolios and a series of smaller single asset transactions. In the first half of the year it sold over GBP195 million of its investment properties.
Earlier this week, Helical Bar said it had disposed of two major retail schemes in Glasgow and in Corby, Northamptonshire, for GBP141.2 million, capital it said it plans to recycle into unspecified "new opportunities".
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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